Athene Holding (ATH-PD) 10-Q7 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 03, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-37963
Entity Registrant Name	ATHENE HOLDING LTD
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0630022
Entity Address, Address Line One	7700 Mills Civic Pkwy
Entity Address, City or Town	West Des Moines
Entity Address, Postal Zip Code	50266
City Area Code	515
Local Phone Number	342-4678
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		203,805,432
Entity Central Index Key	0001527469
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Address, State or Province	IA
Preference Share, Series A
Document Information [Line Items]
Title of 12(b) Security	6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series A
Trading Symbol	ATHPrA
Security Exchange Name	NYSE
Preference Share, Series B
Document Information [Line Items]
Title of 12(b) Security	5.625% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series B
Trading Symbol	ATHPrB
Security Exchange Name	NYSE
Preference Share, Series C
Document Information [Line Items]
Title of 12(b) Security	6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C
Trading Symbol	ATHPrC
Security Exchange Name	NYSE
Series D Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	4.875% Fixed-Rate Perpetual Non-Cumulative Preference Share, Series D
Trading Symbol	ATHPrD
Security Exchange Name	NYSE
Series E Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.75% Fixed-Rate Reset Perpetual Non-Cumulative Preference Share, Series E
Trading Symbol	ATHPrE
Security Exchange Name	NYSE
Junior Subordinated Debt
Document Information [Line Items]
Title of 12(b) Security	7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064
Trading Symbol	ATHS
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments
Available-for-sale securities	$ 159,251	$ 148,347
Investment funds	18,552	17,668
Derivative assets	7,159	5,298
Cash and cash equivalents	15,250	13,020
Restricted cash	1,575	1,761
Accrued investment income (related party: 2024 – $168 and 2023 – $166)	2,332	1,933
Reinsurance Recoverables, Including Reinsurance Premium Paid	5,183	4,154
Deferred acquisition costs, deferred sales inducements and value of business acquired	6,408	5,979
Goodwill	4,064	4,065
Other assets (related party: 2024 – $226 and 2023 – $189)	10,185	10,179
Total assets	320,579	300,579
Liabilities
Interest sensitive contract liabilities (related party: 2024 – $8,099 and 2023 – $8,599; portion at fair value: 2024 – $11,696 and 2023 – $9,893)	220,234	204,670
Future policy benefits	51,672	53,287
Market Risk Benefits	3,723	3,751
Debt	5,740	4,209
Derivative liabilities	2,429	1,995
Payables for collateral on derivatives and securities to repurchase	8,147	7,536
Other liabilities (related party: 2024 – $1,750 and 2023 – $774)	4,396	2,781
Total liabilities	297,423	279,344
Commitments and Contingencies (Note 12)
Equity
Preferred stock	0	0
Common stock	0	0
Additional paid-in capital	19,520	19,499
Retained earnings (accumulated deficit)	868	(92)
Accumulated other comprehensive loss (related party: 2024 – $(315) and 2023 – $(357))	(5,628)	(5,569)
Total Athene Holding Ltd. stockholders’ equity	14,760	13,838
Noncontrolling interests	8,396	7,397
Total equity	23,156	21,235
Total liabilities and equity	320,579	300,579
Variable Interest Entities
Investments
Trading securities, at fair value	2,034	2,136
Mortgage loans	2,147	2,173
Investment funds	16,816	15,927
Other investments	121	103
Cash and cash equivalents	93	98
Other assets (related party: 2024 – $226 and 2023 – $189)	132	110
Liabilities
Other liabilities (related party: 2024 – $1,750 and 2023 – $774)	1,082	1,115
Consolidated Entity, excluding Affiliated Entity
Investments
Available-for-sale securities	142,873	134,338
Trading securities, at fair value	1,685	1,706
Equity securities (portion at fair value: 2024 – $1,293 and 2023 – $935)	1,651	1,293
Mortgage loans	48,207	44,115
Investment funds	110	109
Policy loans	330	334
Funds withheld at interest	23,230	24,359
Derivative assets	7,159	5,298
Short-term Investments	340	341
Other investments	1,371	1,206
Total investments	226,956	213,099
Related Party
Investments
Available-for-sale securities	16,378	14,009
Trading securities, at fair value	781	838
Equity securities, at fair value	315	318
Mortgage loans	1,263	1,281
Investment funds	1,626	1,632
Funds withheld at interest	6,028	6,474
Short-term Investments	556	947
Other investments	336	343
Accrued investment income (related party: 2024 – $168 and 2023 – $166)	168	166
Reinsurance Recoverables, Including Reinsurance Premium Paid	1,125	0
Other assets (related party: 2024 – $226 and 2023 – $189)	226	189
Liabilities
Interest sensitive contract liabilities (related party: 2024 – $8,099 and 2023 – $8,599; portion at fair value: 2024 – $11,696 and 2023 – $9,893)	8,099	8,599
Future policy benefits	14	9
Market Risk Benefits	224	227
Other liabilities (related party: 2024 – $1,750 and 2023 – $774)	1,750	774
Equity
Accumulated other comprehensive loss (related party: 2024 – $(315) and 2023 – $(357))	$ (315)	$ (357)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
AFS securities allowance for credit losses	$ 598	$ 591
Available-for-sale securities	173,932	162,016
Accrued investment income (related party: 2024 – $168 and 2023 – $166)	2,332	1,933
Reinsurance Recoverables, Including Reinsurance Premium Paid	5,183	4,154
Other assets (related party: 2024 – $226 and 2023 – $189)	10,185	10,179
Investment funds	18,552	17,668
Liabilities and Equity
Interest sensitive contract liabilities	220,234	204,670
Future policy benefits	51,672	53,287
Liability	3,723	3,751
Other liabilities	4,396	2,781
Accumulated other comprehensive loss (related party: 2024 – $(315) and 2023 – $(357))	(5,628)	(5,569)
Related Party
Assets
AFS securities allowance for credit losses	1	1
Available-for-sale securities	16,804	14,455
Equity securities, at fair value	315	318
Short-term Investments	556	947
Other investments	336	343
Investment funds	1,067	1,082
Accrued investment income (related party: 2024 – $168 and 2023 – $166)	168	166
Reinsurance Recoverables, Including Reinsurance Premium Paid	1,125	0
Other assets (related party: 2024 – $226 and 2023 – $189)	226	189
Trading securities, at fair value	781	838
Mortgage loans, net of allowances	1,263	1,281
Investment funds	1,626	1,632
Liabilities and Equity
Interest sensitive contract liabilities	8,099	8,599
Future policy benefits	14	9
Liability	224	227
Other liabilities	1,750	774
Accumulated other comprehensive loss (related party: 2024 – $(315) and 2023 – $(357))	(315)	(357)
Consolidated Entity, excluding Affiliated Entity
Assets
AFS securities allowance for credit losses	597	590
Available-for-sale securities	157,128	147,561
Short-term Investments	340	341
Other investments	1,371	1,206
Trading securities, at fair value	1,685	1,706
Mortgage loans, net of allowances	48,207	44,115
Investment funds	110	109
Consolidated Entity, Affiliated Entity and VIE Primary Beneficiary
Assets
Other investments	98	80
Trading securities, at fair value	624	644
Mortgage loans, net of allowances	378	358
Investment funds	16,327	15,425
Liabilities and Equity
Other liabilities	490	513
Fair Value
Liabilities and Equity
Interest sensitive contract liabilities	158,042	146,038
Fair Value \| Related Party
Assets
Short-term Investments	556	947
Investment funds	559	550
Fair Value \| Consolidated Entity, excluding Affiliated Entity
Assets
Other investments	42	52
Investment funds	110	109
Recurring \| Fair Value
Assets
Reinsurance Recoverables, Including Reinsurance Premium Paid	1,468	1,367
Other assets (related party: 2024 – $226 and 2023 – $189)	383
Liabilities and Equity
Interest sensitive contract liabilities	11,696	9,893
Future policy benefits	1,704	1,700
Liability	3,723	3,751
Recurring \| Fair Value \| Related Party
Assets
Equity securities, at fair value	315	318
Embedded derivative assets, fair value	(723)	(721)
Other investments	336	343
Reinsurance Recoverables, Including Reinsurance Premium Paid		1,367
Trading securities, at fair value	781	838
Mortgage loans, net of allowances	1,263	1,281
Investment funds	1,067	1,082
Recurring \| Fair Value \| Consolidated Entity, excluding Affiliated Entity
Assets
Equity securities, at fair value	1,293	935
Embedded derivative assets, fair value	(3,362)	(3,379)
Short-term Investments	340	341
Other investments	1,113	943
Trading securities, at fair value	1,685	1,706
Mortgage loans, net of allowances	$ 48,207	$ 44,115

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Premiums Earned, Net	$ 101	$ 96
Insurance Commissions and Fees	238	198
Net Investment Income	3,292	2,407
Investment related gains (losses)	1,677	1,065
Other Income	2	13
Total revenues	5,721	4,060
Benefits and expenses
Interest Sensitive Contract Benefits Expense	2,884	1,289
Future policy and other policy benefits	543	466
Market risk benefits remeasurement (gains) losses	(154)	346
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired	207	138
Policy and other operating expenses	459	435
Total benefits and expenses	3,939	2,674
Income before income taxes	1,782	1,386
Income tax expense	307	163
Net income	1,475	1,223
Less: Net income attributable to noncontrolling interests	283	455
Net income attributable to Athene Holding Ltd. stockholders	1,192	768
Less: Preferred stock dividends	45	47
Net income available to Athene Holding Ltd. common stockholder	1,147	721
Variable Interest Entities
Revenues
Net Investment Income	77	80
Investment related gains (losses)	334	201
Consolidated Entity Excluding Variable Interest Entities (VIE)
Revenues
Net Investment Income	3,292	2,407
Investment related gains (losses)	$ 1,677	$ 1,065

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Premiums earned	$ 101	$ 96
Product charges	238	198
Net Investment Income	3,292	2,407
Investment expense	303	228
Investment gains (losses), net of offsets	1,677	1,065
Other Income	2	13
Interest Sensitive Contract Benefits Expense	2,884	1,289
Future policy and other policy benefits	543	466
Remeasurement (gains) losses	12	2
Market risk benefits remeasurement (gains) losses	(154)	346
Related Party
Premiums earned	6	3
Product charges	9	10
Net Investment Income	390	371
Investment expense	289	222
Investment gains (losses), net of offsets	(40)	85
Interest Sensitive Contract Benefits Expense	21	47
Future policy and other policy benefits	7	21
Market risk benefits remeasurement (gains) losses	(14)	(28)
Policy and other operating income (expense)	(16)	30
Consolidated Entity, Affiliated Entity and VIE Primary Beneficiary
Net Investment Income	11	22
Investment gains (losses), net of offsets	$ 370	$ 224

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 1,475	$ 1,223
Other comprehensive income (loss), before tax
Unrealized investment gains (losses) on available-for-sale securities	(737)	2,099
Unrealized gains (losses) on hedging instruments	(76)	104
Remeasurement gains (losses) on future policy benefits related to discount rate	803	(802)
Remeasurement gains (losses) on market risk benefits related to credit risk	(28)	89
Foreign currency translation and other adjustments	(16)	16
Other comprehensive income (loss), before tax	(54)	1,506
Income tax expense (benefit) related to other comprehensive income (loss)	(4)	290
Other comprehensive income (loss)	(50)	1,216
Comprehensive income	1,425	2,439
Less: Comprehensive income attributable to noncontrolling interests	292	498
Comprehensive income attributable to Athene Holding Ltd. stockholders	$ 1,133	$ 1,941

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional paid-in capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive income (loss)	Total Athene Holding Ltd. stockholders’ equity	Noncontrolling interests
Beginning Balance at Dec. 31, 2022	$ 10,549	$ 0	$ 0	$ 18,119	$ (3,640)	$ (7,321)	$ 7,158	$ 3,391
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,223				768		768	455
Other comprehensive income (loss)	1,216					1,173	1,173	43
Stock-based compensation allocation from parent	11			11			11
Preferred stock dividends	(47)				(47)		(47)
Common stock dividends	(374)				(374)		(374)
Contributions from parent	9			9			9
Distributions to noncontrolling interests	(127)							(127)
Contributions from noncontrolling interests of consolidated variable interest entities and other	590							590
Ending Balance at Mar. 31, 2023	13,050	0	0	18,139	(3,293)	(6,148)	8,698	4,352
Beginning Balance at Dec. 31, 2023	21,235	0	0	19,499	(92)	(5,569)	13,838	7,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,475				1,192		1,192	283
Other comprehensive income (loss)	(50)					(59)	(59)	9
Stock-based compensation allocation from parent	10			10			10
Preferred stock dividends	(45)				(45)		(45)
Common stock dividends	(187)				(187)		(187)
Contributions from parent	11			11			11
Contributions from noncontrolling interests	405							405
Distributions to noncontrolling interests	(254)							(254)
Contributions from noncontrolling interests of consolidated variable interest entities and other	556							556
Ending Balance at Mar. 31, 2024	$ 23,156	$ 0	$ 0	$ 19,520	$ 868	$ (5,628)	$ 14,760	$ 8,396

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income		$ 1,475	$ 1,223
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired		207	138
Net amortization (accretion) of net investment premiums, discounts and other		(5)	30
Net investment income (related party: 2024 – $(8) and 2023 – $(26))		(14)	(32)
Net recognized gains on investments and derivatives (related party: 2024 – $(296) and 2023 – $(262))		2,090	2,031
Policy acquisition costs deferred		(459)	(375)
Changes in operating assets and liabilities:
Accrued investment income (related party: 2024 – $(2) and 2023 – $(23))		(399)	(130)
Interest sensitive contract liabilities (related party: 2024 – $47 and 2023 – $37)		2,132	2,229
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2024 – $(10) and 2023 – $11)		(671)	64
Funds withheld assets (related party: 2024 – $(40) and 2023 – $(186))		(450)	(975)
Other assets and liabilities		459	(66)
Net cash provided by operating activities		185	75
Sales, maturities and repayments of:
Available-for-sale securities (related party: 2024 – $623 and 2023 – $225)		6,574	2,461
Trading securities (related party: 2024 – $59 and 2023 – $1)		147	60
Equity securities		33	76
Mortgage loans		1,271	657
Investment funds (related party: 2024 – $23 and 2023 – $198)		34	232
Derivative instruments and other investments		742	396
Short-term investments (related party: 2024 – $612 and 2023 – $159)		745	1,888
Purchases of:
Available-for-sale securities (related party: 2024 – $(2,956) and 2023 – $(2,161))		(18,464)	(6,668)
Trading securities		(22)	(56)
Equity securities		(352)	(20)
Mortgage loans (related party: 2024 – $(27) and 2023 – $0)		(5,714)	(2,930)
Investment funds (related party: 2024 – $(547) and 2023 – $(318))		(549)	(376)
Derivative instruments and other investments (related party: 2024 – $(16) and 2023 – $(43))		(857)	(725)
Short-term investments (related party: 2024 – $(221) and 2023 – $(1,193))		(260)	(1,321)
Deconsolidation of previously consolidated entities		(1)	(51)
Other investing activities, net		298	458
Net cash used in investing activities		(16,375)	(5,919)
Cash flows from financing activities
Proceeds from debt		1,569	0
Deposits on investment-type policies and contracts		20,803	12,006
Withdrawals on investment-type policies and contracts (related party: 2024 – $(109) and 2023 – $(116))		(4,786)	(2,707)
Payments for (Proceeds from) Derivative Instrument, Financing Activities		611	3,489
Payments of Ordinary Dividends, Preferred Stock and Preference Stock		(45)	(47)
Payments of Ordinary Dividends, Common Stock		(187)	(374)
Other financing activities, net		(457)	(127)
Net cash provided by financing activities		18,231	12,718
Effect of exchange rate changes on cash and cash equivalents		(2)	3
Net increase in cash and cash equivalents		2,039	6,877
Cash and cash equivalents at beginning of year	[1]	14,879	8,769
Cash and cash equivalents at end of period	[1]	16,918	15,646
Non-cash transactions
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2024 – $(1,078) and 2023 – $5)		(1,062)	27
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) (related party: 2024 – $441 and 2023 – $472)		1,998	3,029
Reinsurance Settlements
Non-cash transactions
Transfer to Investments		0	7
Related Party \| Reinsurance Settlements
Non-cash transactions
Transfer to Investments		48	64
Variable Interest Entities
Cash flows from financing activities
Capital contributions from noncontrolling interests		572	605
Consolidated Entity, excluding VIE Primary Beneficiary
Cash flows from financing activities
Capital contributions from noncontrolling interests		405	0
Capital distributions to noncontrolling interests		$ (254)	$ (127)

[1] 1 Includes cash and cash equivalents, restricted cash and cash and cash equivalents of consolidated variable interest entities.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Deposits on investment-type policies and contracts	$ 20,803	$ 12,006
Repayments of Annuities and Investment Certificates	(4,786)	(2,707)
Deposits on investment-type policies and contracts through reinsurance agreements	(1,062)	27
Withdrawals on investment-type policies and contracts through reinsurance agreements	1,998	3,029
Payments of Ordinary Dividends, Common Stock	187	374
Net investment income (related party: 2024 – $(8) and 2023 – $(26))	(14)	(32)
Net recognized gains on investments and derivatives (related party: 2024 – $(296) and 2023 – $(262))	2,090	2,031
Accrued investment income	(399)	(130)
Interest sensitive contract liabilities (related party: 2024 – $47 and 2023 – $37)	2,132	2,229
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2024 – $(10) and 2023 – $11)	(671)	64
Funds withheld assets (related party: 2024 – $(40) and 2023 – $(186))	(450)	(975)
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale	6,574	2,461
Trading securities (related party: 2024 – $59 and 2023 – $1)	147	60
Mortgage loans	1,271	657
Investment funds (related party: 2024 – $23 and 2023 – $198)	34	232
Derivative instruments and other investments	742	396
Short-term investments	745	1,888
Purchases of:
Payments to Acquire Debt Securities, Available-for-sale	(18,464)	(6,668)
Mortgage loans (related party: 2024 – $(27) and 2023 – $0)	(5,714)	(2,930)
Trading securities	(22)	(56)
Investment funds	(549)	(376)
Derivative instruments and other investments (related party: 2024 – $(16) and 2023 – $(43))	(857)	(725)
Short-term investments	(260)	(1,321)
Related Party
Repayments of Annuities and Investment Certificates	(109)	(116)
Deposits on investment-type policies and contracts through reinsurance agreements	(1,078)	5
Withdrawals on investment-type policies and contracts through reinsurance agreements	441	472
Net investment income (related party: 2024 – $(8) and 2023 – $(26))	(8)	(26)
Net recognized gains on investments and derivatives (related party: 2024 – $(296) and 2023 – $(262))	296	262
Accrued investment income	(2)	(23)
Interest sensitive contract liabilities (related party: 2024 – $47 and 2023 – $37)	47	37
Future policy benefits, market risk benefits and reinsurance recoverable (related party: 2024 – $(10) and 2023 – $11)	(10)	11
Funds withheld assets (related party: 2024 – $(40) and 2023 – $(186))	(40)	(186)
Sales, maturities and repayments of:
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale	623	225
Trading securities (related party: 2024 – $59 and 2023 – $1)	59	1
Investment funds (related party: 2024 – $23 and 2023 – $198)	23	198
Short-term investments	612	159
Purchases of:
Payments to Acquire Debt Securities, Available-for-sale	(2,956)	(2,161)
Mortgage loans (related party: 2024 – $(27) and 2023 – $0)	(27)	0
Investment funds	(547)	(318)
Derivative instruments and other investments (related party: 2024 – $(16) and 2023 – $(43))	(16)	(43)
Short-term investments	$ (221)	$ (1,193)

Business, Basis of Presentation

Business, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Business, Basis of Presentation, and Significant Accounting Policies	1. Business, Basis of Presentation and Significant Accounting Policies Athene Holding Ltd. (AHL), together with its subsidiaries (collectively, Athene, we, our, us, or the Company), is a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products in the United States (US) and internationally. We are a direct subsidiary of Apollo Global Management, Inc. (AGM, and together with its subsidiaries other than us or our subsidiaries, Apollo). We conduct business primarily through the following consolidated subsidiaries: • Our non-US reinsurance subsidiaries, to which AHL’s other insurance subsidiaries and third-party ceding companies directly and indirectly reinsure a portion of their liabilities, including Athene Life Re Ltd. (ALRe), Athene Annuity Re Ltd. (AARe) and Athene Life Re International Ltd. (ALReI); and • Athene USA Corporation, an Iowa corporation (together with its subsidiaries, AUSA). In addition, we consolidate certain variable interest entities (VIEs) for which we have determined we are the primary beneficiary. See Note 4 – Variable Interest Entities for further information on VIEs. Consolidation and Basis of Presentation —We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and the United States Securities and Exchange Commission’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments, consisting only of normal recurring items, considered necessary for fair statement of the results for the interim periods presented. Certain reclassifications have been made to conform with current year presentation. All intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year. For entities that are consolidated, but not wholly owned, we allocate a portion of the income or loss and corresponding equity to the owners other than us. We include the aggregate of the income or loss and corresponding equity that is not owned by us in noncontrolling interests in the condensed consolidated financial statements. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements, but does not include all of the information and footnotes required by US GAAP for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of financial statements requires the use of management estimates. Actual results may differ from estimates used in preparing the condensed consolidated financial statements. Recently Issued Accounting Pronouncements Compensation – Stock Compensation (ASU 2024-01) The amendments in this update clarify how an entity determines whether it is required to account for profits interest awards (and similar awards) in accordance with Accounting Standards Codification (ASC) 718 Compensation – Stock Compensation or other guidance. The Accounting Standards Update (ASU) provides specific examples on when profits interest awards should be accounted for as a share-based payment arrangement under ASC 718 or in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 Compensation – General or other ASC topics. The guidance is effective for us on January 1, 2025, and early adoption is permitted but must be implemented as of the beginning of the fiscal year. We are currently evaluating the impact of the new pronouncement on our consolidated financial statements. Income Taxes—Improvements to Income Tax Disclosures (ASU 2023-09) The amendments in this update revise certain disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state and foreign taxes. The guidance is effective for us for annual periods beginning in 2025. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Segment Reporting – Improvements to Reporting Segment Disclosures (ASU 2023-07) The amendments in this update incrementally add disclosures for public entities’ reporting segments including significant segment expenses and other segment items. The guidance is effective for us for the 2024 annual period and in interim periods in 2025. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Business Combinations – Joint Venture Formations (ASU 2023-05) The amendments in this update address how a joint venture initially recognizes and measures contributions received at its formation date. The amendments require a joint venture to apply a new basis of accounting upon formation and to initially recognize its assets and liabilities at fair value. The guidance is effective prospectively for all joint ventures formed on or after January 1, 2025, while retrospective application may be elected for a joint venture formed before the effective date. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Adopted Accounting Pronouncements Reference Rate Reform (Topic 848) (ASU 2022-06, ASU 2021-01, ASU 2020-04) We adopted ASU 2020-04 and ASU 2021-01 and elected to apply certain of the practical expedients related to contract modifications, hedge accounting relationships, and derivative modifications pertaining to discounting, margining, or contract price alignment. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform, and these elections did not have, and are not expected to have, a material impact on the consolidated financial statements. ASU 2022-06 amended and deferred the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which we will no longer be permitted to apply the expedients provided in Topic 848. We will continue to evaluate the impact of reference rate reform on contract modifications and hedging relationships.

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2024
Schedule of Investments [Abstract]
Investments	2. Investments AFS Securities — Our AFS investment portfolio includes bonds, collateralized loan obligations (CLO), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS) and redeemable preferred stock. Our AFS investment portfolio includes related party investments, primarily comprised of investments over which Apollo can exercise significant influence, which are presented as investments in related parties on the condensed consolidated balance sheets, and are separately disclosed below. The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type: March 31, 2024 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 6,764 $ — $ 41 $ (1,002) $ 5,803 US state, municipal and political subdivisions 1,283 — — (252) 1,031 Foreign governments 2,086 — 6 (308) 1,784 Corporate 94,419 (127) 589 (11,457) 83,424 CLO 22,590 (1) 268 (459) 22,398 ABS 14,379 (51) 118 (576) 13,870 CMBS 7,372 (31) 63 (468) 6,936 RMBS 8,235 (387) 229 (450) 7,627 Total AFS securities 157,128 (597) 1,314 (14,972) 142,873 AFS securities – related parties Corporate 1,428 — 3 (76) 1,355 CLO 4,506 — 18 (78) 4,446 ABS 10,870 (1) 21 (313) 10,577 Total AFS securities – related parties 16,804 (1) 42 (467) 16,378 Total AFS securities including related parties $ 173,932 $ (598) $ 1,356 $ (15,439) $ 159,251 December 31, 2023 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 6,161 $ — $ 67 $ (829) $ 5,399 US state, municipal and political subdivisions 1,296 — — (250) 1,046 Foreign governments 2,083 — 71 (255) 1,899 Corporate 88,343 (129) 830 (10,798) 78,246 CLO 20,506 (2) 261 (558) 20,207 ABS 13,942 (49) 120 (630) 13,383 CMBS 7,070 (29) 52 (502) 6,591 RMBS 8,160 (381) 252 (464) 7,567 Total AFS securities 147,561 (590) 1,653 (14,286) 134,338 AFS securities – related parties Corporate 1,423 — 1 (72) 1,352 CLO 4,367 — 21 (120) 4,268 ABS 8,665 (1) 34 (309) 8,389 Total AFS securities – related parties 14,455 (1) 56 (501) 14,009 Total AFS securities including related parties $ 162,016 $ (591) $ 1,709 $ (14,787) $ 148,347 The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: March 31, 2024 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 2,294 $ 2,256 Due after one year through five years 20,196 19,366 Due after five years through ten years 25,571 23,178 Due after ten years 56,491 47,242 CLO, ABS, CMBS and RMBS 52,576 50,831 Total AFS securities 157,128 142,873 AFS securities – related parties Due after one year through five years 911 898 Due after five years through ten years 122 114 Due after ten years 395 343 CLO and ABS 15,376 15,023 Total AFS securities – related parties 16,804 16,378 Total AFS securities including related parties $ 173,932 $ 159,251 Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Unrealized Losses on AFS Securities — The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost: March 31, 2024 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities US government and agencies $ 2,447 $ (189) $ 2,313 $ (813) $ 4,760 $ (1,002) US state, municipal and political subdivisions 132 (6) 888 (246) 1,020 (252) Foreign governments 986 (42) 735 (266) 1,721 (308) Corporate 13,687 (532) 49,045 (10,903) 62,732 (11,435) CLO 1,966 (7) 8,909 (417) 10,875 (424) ABS 1,798 (45) 4,307 (389) 6,105 (434) CMBS 552 (11) 1,927 (363) 2,479 (374) RMBS 606 (14) 1,399 (134) 2,005 (148) Total AFS securities 22,174 (846) 69,523 (13,531) 91,697 (14,377) AFS securities – related parties Corporate 241 (40) 384 (36) 625 (76) CLO 399 (2) 2,223 (75) 2,622 (77) ABS 4,115 (77) 2,486 (216) 6,601 (293) Total AFS securities – related parties 4,755 (119) 5,093 (327) 9,848 (446) Total AFS securities including related parties $ 26,929 $ (965) $ 74,616 $ (13,858) $ 101,545 $ (14,823) December 31, 2023 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities US government and agencies $ 2,013 $ (94) $ 2,389 $ (735) $ 4,402 $ (829) US state, municipal and political subdivisions 123 (5) 888 (245) 1,011 (250) Foreign governments 690 (13) 760 (242) 1,450 (255) Corporate 7,752 (474) 50,028 (10,311) 57,780 (10,785) CLO 689 (2) 11,579 (543) 12,268 (545) ABS 2,129 (75) 4,378 (458) 6,507 (533) CMBS 859 (12) 1,967 (406) 2,826 (418) RMBS 467 (9) 2,057 (263) 2,524 (272) Total AFS securities 14,722 (684) 74,046 (13,203) 88,768 (13,887) AFS securities – related parties Corporate 548 (35) 382 (37) 930 (72) CLO 397 (16) 2,592 (102) 2,989 (118) ABS 2,008 (66) 2,793 (225) 4,801 (291) Total AFS securities – related parties 2,953 (117) 5,767 (364) 8,720 (481) Total AFS securities including related parties $ 17,675 $ (801) $ 79,813 $ (13,567) $ 97,488 $ (14,368) The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded: March 31, 2024 Unrealized loss position Unrealized loss position 12 months or more AFS securities 8,612 7,343 AFS securities – related parties 185 121 The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since the application of pushdown accounting or acquisition. We did not recognize the unrealized losses in income, unless as required for hedge accounting, as we intend to hold these securities and it is not more likely than not we will be required to sell a security before the recovery of its amortized cost. Allowance for Credit Losses — The following table summarizes the activity in the allowance for credit losses for AFS securities including purchased credit deteriorated (PCD) securities by asset type: Three months ended March 31, 2024 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending balance AFS securities Corporate $ 129 $ 7 $ — $ (8) $ (1) $ 127 CLO 2 — — — (1) 1 ABS 49 2 — — — 51 CMBS 29 1 — — 1 31 RMBS 381 4 — (4) 6 387 Total AFS securities 590 14 — (12) 5 597 AFS securities – related parties, ABS 1 — — — — 1 Total AFS securities including related parties $ 591 $ 14 $ — $ (12) $ 5 $ 598 Three months ended March 31, 2023 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending balance AFS securities Foreign governments $ 27 $ — $ — $ — $ — $ 27 Corporate 61 21 — (6) 3 79 CLO 7 1 — — (4) 4 ABS 29 — — — 2 31 CMBS 5 1 — — (1) 5 RMBS 329 3 28 (4) — 356 Total AFS securities 458 26 28 (10) — 502 AFS securities – related parties, CLO 1 — — — — 1 Total AFS securities including related parties $ 459 $ 26 $ 28 $ (10) $ — $ 503 Net Investment Income —Net investment income by asset class consists of the following: Three months ended March 31, (In millions) 2024 2023 AFS securities $ 2,137 $ 1,469 Trading securities 41 42 Equity securities 17 15 Mortgage loans 814 447 Investment funds 11 43 Funds withheld at interest 363 429 Other 212 190 Investment revenue 3,595 2,635 Investment expenses (303) (228) Net investment income $ 3,292 $ 2,407 Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2024 2023 AFS securities 1 Gross realized gains on investment activity $ 67 $ 183 Gross realized losses on investment activity (347) (104) Net realized investment gains (losses) on AFS securities (280) 79 Net recognized investment gains (losses) on trading securities (65) 64 Net recognized investment gains (losses) on equity securities 39 (18) Net recognized investment gains (losses) on mortgage loans (358) 277 Derivative gains 1,431 993 Provision for credit losses (10) (66) Other gains (losses) 920 (264) Investment related gains (losses) $ 1,677 $ 1,065 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. Proceeds from sales of AFS securities were $3,718 million and $1,140 million for the three months ended March 31, 2024 and 2023, respectively. The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related parties, we held as of the respective period end: Three months ended March 31, (In millions) 2024 2023 Trading securities $ (20) $ 66 Trading securities – related parties — 6 Equity securities 41 (23) Equity securities – related parties (3) 3 Repurchase Agreements— The following table summarizes the remaining contractual maturities of our repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets: (In millions) March 31, 2024 December 31, 2023 Less than 30 days $ — $ 686 Greater than 1 year 2,666 3,167 Payables for repurchase agreements $ 2,666 $ 3,853 The following table summarizes the securities pledged as collateral for repurchase agreements: March 31, 2024 December 31, 2023 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities Foreign governments $ 138 $ 97 $ 137 $ 99 Corporate 1,859 1,577 2,735 2,307 CLO 578 580 580 579 ABS 610 545 1,207 1,086 Total securities pledged under repurchase agreements $ 3,185 $ 2,799 $ 4,659 $ 4,071 Reverse Repurchase Agreements — As of March 31, 2024 and December 31, 2023, amounts loaned under reverse repurchase agreements were $556 million and $947 million, respectively, and the fair value of the collateral, comprised primarily of commercial and residential mortgage loans, was $1,087 million and $1,504 million, respectively. Mortgage Loans, including related parties and consolidated VIEs —Mortgage loans include both commercial and residential loans. W e have elected the fair value option on our mortgage loan portfolio. See Note 5 – Fair Value for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: (In millions) March 31, 2024 December 31, 2023 Commercial mortgage loans $ 30,512 $ 27,630 Commercial mortgage loans under development 1,187 1,228 Total commercial mortgage loans 31,699 28,858 Mark to fair value (3,165) (2,246) Commercial mortgage loans 28,534 26,612 Residential mortgage loans 24,058 21,894 Mark to fair value (975) (937) Residential mortgage loans 23,083 20,957 Mortgage loans $ 51,617 $ 47,569 We primarily invest in commercial mortgage loans on income producing properties, including office and retail buildings, apartments, hotels, and industrial properties. We diversify the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. We evaluate mortgage loans based on relevant current information to confirm if properties are performing at a consistent and acceptable level to secure the related debt. The distribution of commercial mortgage loans, including those under development, by property type and geographic region, is as follows: March 31, 2024 December 31, 2023 (In millions, except percentages) Fair Value Percentage of Total Fair Value Percentage of Total Property type Apartment $ 10,565 37.0 % $ 9,591 36.0 % Office building 4,339 15.2 % 4,455 16.7 % Industrial 4,497 15.8 % 4,143 15.6 % Hotels 3,113 10.9 % 2,913 11.0 % Retail 2,215 7.8 % 2,158 8.1 % Other commercial 3,805 13.3 % 3,352 12.6 % Total commercial mortgage loans $ 28,534 100.0 % $ 26,612 100.0 % US region East North Central $ 1,639 5.7 % $ 1,517 5.7 % East South Central 514 1.8 % 523 2.0 % Middle Atlantic 7,528 26.4 % 7,147 26.9 % Mountain 1,161 4.1 % 1,196 4.5 % New England 1,363 4.8 % 1,295 4.9 % Pacific 5,516 19.3 % 4,860 18.3 % South Atlantic 4,650 16.4 % 4,583 17.2 % West North Central 242 0.8 % 249 0.9 % West South Central 1,429 5.0 % 1,228 4.6 % Total US region 24,042 84.3 % 22,598 85.0 % International region United Kingdom 2,540 8.9 % 2,343 8.7 % Other international 1 1,952 6.8 % 1,671 6.3 % Total international region 4,492 15.7 % 4,014 15.0 % Total commercial mortgage loans $ 28,534 100.0 % $ 26,612 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Our residential mortgage loan portfolio primarily consists of first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table: March 31, 2024 December 31, 2023 US States California 27.1 % 27.6 % Florida 11.9 % 12.0 % Texas 6.4 % 6.1 % New York 5.8 % 5.9 % Other 1 39.1 % 39.4 % Total US residential mortgage loan percentage 90.3 % 91.0 % International United Kingdom 5.3 % 4.0 % Other 1 4.4 % 5.0 % Total international residential mortgage loan percentage 9.7 % 9.0 % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states or countries, with each individual state or country comprising less than 5% of the portfolio. Investment Funds —Our investment fund portfolio consists of funds that employ various strategies and include investments in origination platforms, insurance platforms, and equity, hybrid, yield and other funds. Investment funds can meet the definition of VIEs, which are discussed further in Note 4 – Variable Interest Entities . Our investment funds do not specify timing of distributions on the funds’ underlying assets. The following summarizes our investment funds, including related parties and consolidated VIEs: March 31, 2024 December 31, 2023 (In millions, except percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Equity $ 84 76.4 % $ 82 75.3 % Hybrid 19 17.2 % 20 18.3 % Other 7 6.4 % 7 6.4 % Total investment funds 110 100.0 % 109 100.0 % Investment funds – related parties Strategic origination platforms 47 2.9 % 47 2.9 % Insurance platforms 1,299 79.9 % 1,300 79.7 % Apollo and other fund investments Equity 249 15.3 % 254 15.6 % Yield 7 0.4 % 8 0.5 % Other 24 1.5 % 23 1.3 % Total investment funds – related parties 1,626 100.0 % 1,632 100.0 % Investment funds – consolidated VIEs Strategic origination platforms 5,854 34.8 % 5,594 35.1 % Insurance platforms 471 2.8 % 483 3.0 % Apollo and other fund investments Equity 3,591 21.4 % 3,409 21.4 % Hybrid 4,325 25.7 % 4,242 26.7 % Yield 1,462 8.7 % 1,356 8.5 % Other 1,113 6.6 % 843 5.3 % Total investment funds – consolidated VIEs 16,816 100.0 % 15,927 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 18,552 $ 17,668 Non-Consolidated Securities and Investment Funds Fixed maturity securities – We invest in securitization entities as a debt holder or an investor in the residual interest of the securitization vehicle. These entities are deemed VIEs due to insufficient equity within the structure and lack of control by the equity investors over the activities that significantly impact the economics of the entity. In general, we are a debt investor within these entities and, as such, hold a variable interest; however, due to the debt holders’ lack of ability to control the decisions within the trust that significantly impact the entity, and the fact the debt holders are protected from losses due to the subordination of the equity tranche, the debt holders are not deemed the primary beneficiary. Securitization vehicles in which we hold the residual tranche are not consolidated because we do not unilaterally have substantive rights to remove the general partner, or when assessing related party interests, we are not under common control, as defined by US GAAP, with the related parties, nor are substantially all of the activities conducted on our behalf; therefore, we are not deemed the primary beneficiary. Debt investments and investments in the residual tranche of securitization entities are considered debt instruments and are held at fair value and classified as AFS or trading securities on the condensed consolidated balance sheets. Investment funds – Investment funds include non-fixed income, alternative investments in the form of limited partnerships or similar legal structures. Equity securities – We invest in preferred equity securities issued by entities deemed to be VIEs due to insufficient equity within the structure. Our risk of loss associated with our non-consolidated investments depends on the investment. Investment funds, equity securities and trading securities are limited to the carrying value plus unfunded commitments. AFS securities are limited to amortized cost plus unfunded commitments. The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: March 31, 2024 December 31, 2023 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 110 $ 1,117 $ 109 $ 876 Investment in related parties – investment funds 1,626 2,404 1,632 2,377 Assets of consolidated VIEs – investment funds 16,816 23,053 15,927 22,240 Investment in fixed maturity securities 51,243 53,563 48,155 50,623 Investment in related parties – fixed maturity securities 15,804 18,245 13,495 15,608 Investment in related parties – equity securities 315 315 318 318 Total non-consolidated investments $ 85,914 $ 98,697 $ 79,636 $ 92,042 Concentrations —The following table represents our investment concentrations in excess of 10% of stockholders’ equity: (In millions) March 31, 2024 Atlas 1 $ 2,985 Wheels 1 1,595 AT&T Inc. 1,517 (In millions) December 31, 2023 Wheels 1 $ 1,591 AT&T Inc. 1,526 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in Note 11 – Related Parties.

Derivative Instruments

Derivative Instruments	3 Months Ended
Derivative Instruments	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	3. Derivative Instruments We use a variety of derivative instruments to manage risks, primarily equity, interest rate, credit, foreign currency and market volatility. See Note 5 – Fair Value for information about the fair value hierarchy for derivatives. The following table presents the notional amount and fair value of derivative instruments: March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 10,780 $ 507 $ 184 9,034 $ 477 $ 230 Forwards 1,044 41 7 6,294 275 102 Interest rate swaps 5,364 1 637 4,468 — 521 Forwards on net investments 224 1 — 219 — 6 Interest rate swaps 18,004 17 154 10,031 29 95 Total derivatives designated as hedges 567 982 781 954 Derivatives not designated as hedges Equity options 77,831 5,423 106 73,881 3,809 102 Futures 40 104 — 35 72 — Foreign currency swaps 8,281 225 202 8,072 230 244 Interest rate swaps 3,496 83 28 3,499 81 9 Other swaps 2,674 13 1 2,588 39 1 Foreign currency forwards 38,354 744 1,110 28,236 286 685 Embedded derivatives Funds withheld including related parties (4,085) (34) (4,100) (64) Interest sensitive contract liabilities — 10,908 — 9,059 Total derivatives not designated as hedges 2,507 12,321 417 10,036 Total derivatives $ 3,074 $ 13,303 $ 1,198 $ 10,990 Derivatives Designated as Hedges Cash Flow Hedges – We use interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by July 2027. During the three months ended March 31, 2024 and 2023, we recognized losses of $21 million and $73 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the three months ended March 31, 2024 and 2023. As of March 31, 2024, no amounts were expected to be reclassified to income within the next 12 months. Fair Value Hedges – We use foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date. The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: March 31, 2024 December 31, 2023 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities Foreign currency forwards $ 6,149 $ (146) $ 4,883 $ (15) Foreign currency swaps 6,769 (328) 6,820 (141) Interest sensitive contract liabilities Foreign currency swaps 1,945 63 1,438 19 Foreign currency interest rate swaps 4,796 479 4,010 363 Interest rate swaps 13,612 264 6,910 189 1 The carrying amount disclosed for AFS securities is amortized cost. The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships: Amounts excluded (In millions) Derivatives Hedged items Net Recognized in income through amortization approach Recognized in income through changes in fair value Three months ended March 31, 2024 Investment related gains (losses) Foreign currency forwards $ 136 $ (132) $ 4 $ 18 $ 9 Foreign currency swaps 112 (114) (2) — — Foreign currency interest rate swaps (116) 117 1 — — Interest rate swaps (106) 75 (31) — — Interest sensitive contract benefits Foreign currency interest rate swaps 16 (16) — — — Three months ended March 31, 2023 Investment related gains (losses) Foreign currency forwards $ (70) $ 73 $ 3 $ 87 $ 4 Foreign currency swaps (59) 64 5 — — Foreign currency interest rate swaps 78 (70) 8 — — Interest rate swaps 102 (104) (2) — — Interest sensitive contract benefits Foreign currency interest rate swaps 15 (15) — — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Three months ended March 31, (In millions) 2024 2023 Foreign currency forwards $ (17) $ 63 Foreign currency swaps (38) 114 Net Investment Hedges – We use foreign currency forwards to hedge the foreign currency exchange rate risk of our investments in subsidiaries that have a reporting currency other than the US dollar. We assess hedge effectiveness based on the changes in forward rates. During the three months ended March 31, 2024 and 2023 , these derivatives had gains of $3 million and losses of $4 million, respectively. These derivatives are included in foreign currency translation and other adjustments on the condensed consolidated statements of comprehensive income. As of March 31, 2024 and December 31, 2023, the cumulative foreign currency translations recorded in AOCI related to these net investment hedges were gains of $29 million and $26 million, respectively. During the three months ended March 31, 2024 and 2023 , there were no amounts deemed ineffective. Derivatives Not Designated as Hedges Equity options – We use equity indexed options to economically hedge fixed indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specified market index, primarily the S&P 500. To hedge against adverse changes in equity indices, we enter into contracts to buy equity indexed options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price. Futures – Futures contracts are purchased to hedge the growth in interest credited to the customer as a direct result of increases in the related indices. We enter into exchange-traded futures with regulated futures commission clearing brokers who are members of a trading exchange. Under exchange-traded futures contracts, we agree to purchase a specified number of contracts with other parties and to post variation margin on a daily basis in an amount equal to the difference in the daily fair values of those contracts. Interest rate swaps – We use interest rate swaps to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities. With an interest rate swap, we agree with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed-upon notional principal amount at specified intervals. Other swaps – Other swaps include total return swaps, credit default swaps and swaptions. We purchase total rate of return swaps to gain exposure and benefit from a reference asset or index without ownership. Credit default swaps provide a measure of protection against the default of an issuer or allow us to gain credit exposure to an issuer or traded index. We use credit default swaps coupled with a bond to synthetically create the characteristics of a reference bond. Swaptions give us the option to enter into an interest rate swap and are used to hedge against interest rate exposure. Embedded derivatives – We have embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance agreements structured on a modco or funds withheld basis and indexed annuity products. The following is a summary of the gains (losses) related to derivatives not designated as hedges: Three months ended March 31, (In millions) 2024 2023 Equity options $ 1,597 $ 350 Futures 127 34 Swaps 39 33 Foreign currency forwards (310) (169) Embedded derivatives on funds withheld (75) 603 Amounts recognized in investment related gains (losses) 1,378 851 Embedded derivatives in indexed annuity products 1 (1,177) (473) Total gains (losses) on derivatives not designated as hedges $ 201 $ 378 1 Included in interest sensitive contract benefits on the condensed consolidated statements of income. Credit Risk —We may be exposed to credit-related losses in the event of counterparty nonperformance on derivative financial instruments. Generally, the current credit exposure of our derivative contracts is the fair value at the reporting date less any collateral received from the counterparty. We manage credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties. Where possible, we maintain collateral arrangements and use master netting agreements that provide for a single net payment from one counterparty to another at each due date and upon termination. We have also established counterparty exposure limits, where possible, in order to evaluate if there is sufficient collateral to support the net exposure. Collateral arrangements typically require the posting of collateral in connection with its derivative instruments. Collateral agreements often contain posting thresholds, some of which may vary depending on the posting party’s financial strength ratings. Additionally, a decrease in our financial strength rating to a specified level can result in settlement of the derivative position. The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2024 Derivative assets $ 7,159 $ (1,704) $ (5,479) $ (24) $ 1 $ (23) Derivative liabilities (2,429) 1,704 1,188 463 — 463 December 31, 2023 Derivative assets $ 5,298 $ (1,497) $ (3,676) $ 125 $ — $ 125 Derivative liabilities (1,995) 1,497 848 350 — 350 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	4. Variable Interest Entities We determined that we are required to consolidate certain Apollo-managed investment funds and other Apollo-managed structures. Since the criteria for the primary beneficiary are satisfied by our related party group, we are deemed the primary beneficiary. In addition, we consolidate certain securitization entities where we are deemed the primary beneficiary. No arrangement exists requiring us to provide additional funding in excess of our committed capital investment, liquidity, or the funding of losses or an increase to our loss exposure in excess of our investment in any of the consolidated VIEs. The following summarizes the income statement activity of the consolidated VIEs: Three months ended March 31, (In millions) 2024 2023 Trading securities $ 35 $ 23 Mortgage loans 30 24 Investment funds 21 35 Other (9) (2) Net investment income $ 77 $ 80 Net recognized investment gains on trading securities $ — $ 6 Net recognized investment gains (losses) on mortgage loans (26) 9 Net recognized investment gains on investment funds 364 226 Other losses (4) (40) Investment related gains (losses) $ 334 $ 201

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value	5. Fair Value Fair value is the price we would receive to sell an asset or pay to transfer a liability (exit price) in an orderly transaction between market participants. We determine fair value based on the following fair value hierarchy: Level 1 – Unadjusted quoted prices for identical assets or liabilities in an active market. Level 2 – Quoted prices for inactive markets or valuation techniques that require observable direct or indirect inputs for substantially the full term of the asset or liability. Level 2 inputs include the following: • Quoted prices for similar assets or liabilities in active markets, • Observable inputs other than quoted market prices, and • Observable inputs derived principally from market data through correlation or other means. Level 3 – Prices or valuation techniques with unobservable inputs significant to the overall fair value estimate. These valuations use critical assumptions not readily available to market participants. Level 3 valuations are based on market standard valuation methodologies, including discounted cash flows, matrix pricing or other similar techniques. Net Asset Value (NAV) – Investment funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the investment fund financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the instrument’s fair value measurement. We use a number of valuation sources to determine fair values. Valuation sources can include quoted market prices; third-party commercial pricing services; third-party brokers; industry-standard, vendor modeling software that uses market observable inputs; and other internal modeling techniques based on projected cash flows. We periodically review the assumptions and inputs of third-party commercial pricing services through internal valuation price variance reviews, comparisons to internal pricing models, back testing to recent trades, or monitoring trading volumes. The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: March 31, 2024 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 5,803 $ — $ 5,796 $ 7 $ — US state, municipal and political subdivisions 1,031 — — 1,031 — Foreign governments 1,784 — 809 935 40 Corporate 83,424 — 11 80,035 3,378 CLO 22,398 — — 22,398 — ABS 13,870 — — 6,705 7,165 CMBS 6,936 — — 6,915 21 RMBS 7,627 — — 7,362 265 Total AFS securities 142,873 — 6,616 125,388 10,869 Trading securities 1,685 — 23 1,622 40 Equity securities 1,293 — 212 1,054 27 Mortgage loans 48,207 — — — 48,207 Funds withheld at interest – embedded derivative (3,362) — — — (3,362) Derivative assets 7,159 — 127 7,031 1 Short-term investments 340 — 70 169 101 Other investments 1,113 — — 362 751 Cash and cash equivalents 15,250 — 15,250 — — Restricted cash 1,575 — 1,575 — — Investments in related parties AFS securities Corporate 1,355 — — 180 1,175 CLO 4,446 — — 3,926 520 ABS 10,577 — — 534 10,043 Total AFS securities – related parties 16,378 — — 4,640 11,738 Trading securities 781 — — — 781 Equity securities 315 — 66 — 249 Mortgage loans 1,263 — — — 1,263 Investment funds 1,067 — — — 1,067 Funds withheld at interest – embedded derivative (723) — — — (723) Other investments 336 — — — 336 Reinsurance recoverable 1,468 — — — 1,468 Other assets 383 — — — 383 Assets of consolidated VIEs Trading securities 2,034 — — 264 1,770 Mortgage loans 2,147 — — — 2,147 Investment funds 16,816 15,865 — — 951 Other investments 121 — 4 2 115 Cash and cash equivalents 93 — 93 — — Total assets measured at fair value $ 258,612 $ 15,865 $ 24,036 $ 140,532 $ 78,179 Liabilities Interest sensitive contract liabilities Embedded derivative $ 10,908 $ — $ — $ — $ 10,908 Universal life benefits 788 — — — 788 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,151 — — — 1,151 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 553 — — — 553 Market risk benefits 3,723 — — — 3,723 Derivative liabilities 2,429 — 17 2,411 1 Other liabilities 229 — — — 229 Total liabilities measured at fair value $ 19,781 $ — $ 17 $ 2,411 $ 17,353 December 31, 2023 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 5,399 $ — $ 5,392 $ 7 $ — US state, municipal and political subdivisions 1,046 — — 1,046 — Foreign governments 1,899 — 895 964 40 Corporate 78,246 — 10 75,711 2,525 CLO 20,207 — — 20,207 — ABS 13,383 — — 6,440 6,943 CMBS 6,591 — — 6,570 21 RMBS 7,567 — — 7,302 265 Total AFS securities 134,338 — 6,297 118,247 9,794 Trading securities 1,706 — 24 1,654 28 Equity securities 935 — 210 699 26 Mortgage loans 44,115 — — — 44,115 Funds withheld at interest – embedded derivative (3,379) — — — (3,379) Derivative assets 5,298 — 108 5,190 — Short-term investments 341 — — 236 105 Other investments 943 — — 313 630 Cash and cash equivalents 13,020 — 13,020 — — Restricted cash 1,761 — 1,761 — — Investments in related parties AFS securities Corporate 1,352 — — 181 1,171 CLO 4,268 — — 3,762 506 ABS 8,389 — — 563 7,826 Total AFS securities – related parties 14,009 — — 4,506 9,503 Trading securities 838 — — — 838 Equity securities 318 — 63 — 255 Mortgage loans 1,281 — — — 1,281 Investment funds 1,082 — — — 1,082 Funds withheld at interest – embedded derivative (721) — — — (721) Other investments 343 — — — 343 Reinsurance recoverable 1,367 — — — 1,367 Other assets 378 — — — 378 Assets of consolidated VIEs Trading securities 2,136 — — 284 1,852 Mortgage loans 2,173 — — — 2,173 Investment funds 15,927 14,950 — — 977 Other investments 103 — — 2 101 Cash and cash equivalents 98 — 98 — — Total assets measured at fair value $ 238,410 $ 14,950 $ 21,581 $ 131,131 $ 70,748 Liabilities Interest sensitive contract liabilities Embedded derivative $ 9,059 $ — $ — $ — $ 9,059 Universal life benefits 834 — — — 834 Future policy benefits AmerUs Closed Block 1,178 — — — 1,178 ILICO Closed Block and life benefits 522 — — — 522 Market risk benefits 3,751 — — — 3,751 Derivative liabilities 1,995 — 17 1,977 1 Other liabilities 266 — — (64) 330 Total liabilities measured at fair value $ 17,605 $ — $ 17 $ 1,913 $ 15,675 Fair Value Valuation Methods —We used the following valuation methods and assumptions to estimate fair value: AFS and trading securities – We obtain the fair value for most marketable securities without an active market from several commercial pricing services. These are classified as Level 2 assets. The pricing services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, trading activity, credit quality, issuer spreads, bids, offers and other reference data. This category typically includes US and non-US corporate bonds, US agency and government guaranteed securities, CLO, ABS, CMBS and RMBS. We also have fixed maturity securities priced based on indicative broker quotes or by employing market accepted valuation models. For certain fixed maturity securities, the valuation model uses significant unobservable inputs and these are included in Level 3 in our fair value hierarchy. Significant unobservable inputs used include: discount rates, issue-specific credit adjustments, material non-public financial information, estimation of future earnings and cash flows, default rate assumptions, liquidity assumptions and indicative quotes from market makers. These inputs are usually considered unobservable, as not all market participants have access to this data. We value privately placed fixed maturity securities based on the credit quality and duration of comparable marketable securities, which may be securities of another issuer with similar characteristics. In some instances, we use a matrix-based pricing model. These models consider the current level of risk-free interest rates, corporate spreads, credit quality of the issuer and cash flow characteristics of the security. We also consider additional factors such as net worth of the borrower, value of collateral, capital structure of the borrower, presence of guarantees and our evaluation of the borrower’s ability to compete in its relevant market. Privately placed fixed maturity securities are classified as Level 2 or 3. Equity securities – Fair values of publicly traded equity securities are based on quoted market prices and classified as Level 1. Other equity securities, typically private equities or equity securities not traded on an exchange, we value based on other sources, such as commercial pricing services or brokers, and are classified as Level 2 or 3. Mortgage loans – We estimate fair value on a monthly basis using discounted cash flow analysis and rates being offered for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. The discounted cash flow model uses unobservable inputs, including estimates of discount rates and loan prepayments. Mortgage loans are classified as Level 3. Investment funds – Certain investment funds for which we elected the fair value option are included in Level 3 and are priced based on market accepted valuation models. The valuation models use significant unobservable inputs, which include material non-public financial information, estimation of future distributable earnings and demographic assumptions. These inputs are usually considered unobservable, as not all market participants have access to this data. Other investments – The fair values of other investments are primarily determined using a discounted cash flow model using discount rates for similar investments. Funds withheld at interest embedded derivatives – Funds withheld at interest embedded derivatives represent the right to receive or obligation to pay the total return on the assets supporting the funds withheld at interest or funds withheld liability, respectively, and are analogous to a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modco agreements is measured as the unrealized gain (loss) on the underlying assets and classified as Level 3. Derivatives – Derivative contracts can be exchange traded or over-the-counter. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy depending on trading activity. Over-the-counter derivatives are valued using valuation models or an income approach using third-party broker valuations. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, prepayment rates and correlation of the inputs. We consider and incorporate counterparty credit risk in the valuation process through counterparty credit rating requirements and monitoring of overall exposure. We also evaluate and include our own nonperformance risk in valuing derivatives. The majority of our derivatives trade in liquid markets; therefore, we can verify model inputs and model selection does not involve significant management judgment. These are typically classified within Level 2 of the fair value hierarchy. Cash and cash equivalents, including restricted cash – The carrying amount for cash equals fair value. We estimate the fair value for cash equivalents based on quoted market prices. These assets are classified as Level 1. Other assets and market risk benefits liability – Other assets at fair value consist of market risk benefit assets. See Note 7 – Long-duration Contracts for additional information on market risk benefits valuation methodology and additional fair value disclosures. The estimates are classified as Level 3. Interest sensitive contract liabilities embedded derivatives – Embedded derivatives related to interest sensitive contract liabilities with fixed indexed annuity products are classified as Level 3. The valuations include significant unobservable inputs associated with economic assumptions and actuarial assumptions for policyholder behavior. AmerUs Closed Block – We elected the fair value option for the future policy benefits liability in the AmerUs Closed Block. Our valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component is the present value of the projected release of required capital and future earnings before income taxes on required capital supporting the AmerUs Closed Block, discounted at a rate which represents a market participant’s required rate of return, less the initial required capital. Unobservable inputs include estimates for these items. The AmerUs Closed Block policyholder liabilities and any corresponding reinsurance recoverable are classified as Level 3. ILICO Closed Block – We elected the fair value option for the ILICO Closed Block. Our valuation technique is to set the fair value of policyholder liabilities equal to the fair value of assets. There is an additional component which captures the fair value of the open block’s obligations to the closed block business. This component uses the present value of future cash flows which include commissions, administrative expenses, reinsurance premiums and benefits, and an explicit cost of capital. The discount rate includes a margin to reflect the business and nonperformance risk. Unobservable inputs include estimates for these items. The ILICO Closed Block policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3. Universal life liabilities and other life benefits – We elected the fair value option for certain blocks of universal and other life business ceded to Global Atlantic. We use a present value of liability cash flows. Unobservable inputs include estimates of mortality, persistency, expenses, premium payments and a risk margin used in the discount rates that reflect the riskiness of the business. These universal life policyholder liabilities and corresponding reinsurance recoverable are classified as Level 3. Other liabilities – Other liabilities include funds withheld liability, as described above in funds withheld at interest embedded derivatives, and a ceded modco agreement of certain inforce funding agreement contracts for which we elected the fair value option. We estimate the fair value of the ceded modco agreement by discounting projected cash flows for net settlements and certain periodic and non-periodic payments. Unobservable inputs include estimates for asset portfolio returns and economic inputs used in the discount rate, including risk margin. Depending on the projected cash flows and other assumptions, the contract may be recorded as an asset or liability. The estimate is classified as Level 3. Fair Value Option — The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs: Three months ended March 31, (In millions) 2024 2023 Trading securities $ (60) $ 64 Mortgage loans (400) 296 Investment funds (24) 64 Future policy benefits 27 (26) Other 15 (47) Total gains (losses) $ (442) $ 351 Gains and losses on trading securities, mortgage loans, investments of consolidated VIEs, and other are recorded in investment related gains (losses) on the condensed consolidated statements of income . Gains and losses related to investment funds are recorded in net investment income on the condensed consolidated statements of income. We record the change in fair value of future policy benefits to future policy and other policy benefits on the condensed consolidated statements of income. The following summarizes information for fair value option mortgage loans, including related parties and consolidated VIEs: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance $ 55,757 $ 50,752 Mark to fair value (4,140) (3,183) Fair value $ 51,617 $ 47,569 The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 571 $ 221 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (211) (74) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 360 $ 147 Fair value of commercial mortgage loans 90 days or more past due $ 183 $ 64 Fair value of commercial mortgage loans in non-accrual status 360 147 The following represents our residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 606 $ 528 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (39) (49) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 567 $ 479 Fair value of residential mortgage loans 90 days or more past due 1 $ 567 $ 479 Fair value of residential mortgage loans in non-accrual status 460 355 1 As of March 31, 2024 and December 31, 2023 includes $107 million and $124 million, respectively, of residential mortgage loans that are guaranteed by US government-sponsored agencies. The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio: Three months ended March 31, (In millions) 2024 2023 Mortgage loans $ (33) $ (3) We estimated the portion of gains and losses attributable to changes in instrument-specific credit risk by identifying commercial loans with loan-to-value ratios meeting credit quality criteria, and residential mortgage loans with delinquency status meeting credit quality criteria. Level 3 Financial Instruments — The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis. Transfers in and out of Level 3 are primarily based on changes in the availability of pricing sources, as described in the valuation methods above. Three months ended March 31, 2024 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 40 $ — $ — $ — $ — 40 $ — $ — Corporate 2,525 (2) 2 844 9 3,378 (1) 1 ABS 6,943 2 13 125 82 7,165 (2) 11 CMBS 21 — — — — 21 — 1 RMBS 265 1 — (1) — 265 — — Trading securities 28 — — (2) 14 40 — — Equity securities 26 — — 1 — 27 1 — Mortgage loans 44,115 (341) — 4,433 — 48,207 (341) — Funds withheld at interest – embedded derivative (3,379) 17 — — — (3,362) — — Derivative assets — — — — 1 1 — — Short-term investments 105 — — (4) — 101 — — Other investments 630 (3) — 124 — 751 (3) — Investments in related parties AFS securities Corporate 1,171 1 (1) 4 — 1,175 — (1) CLO 506 — 14 — — 520 — 14 ABS 7,826 1 (14) 2,230 — 10,043 (4) (17) Trading securities 838 — — (57) — 781 — — Equity securities 255 (6) — — — 249 (6) — Mortgage loans 1,281 (17) — (1) — 1,263 (17) — Investment funds 1,082 (15) — — — 1,067 (15) — Funds withheld at interest – embedded derivative (721) (2) — — — (723) — — Other investments 343 (7) — — — 336 (7) — Reinsurance recoverable 1,367 (8) — 109 — 1,468 — — Assets of consolidated VIEs Trading securities 1,852 (33) — (55) 6 1,770 (33) — Mortgage loans 2,173 (42) — 16 — 2,147 (42) — Investment funds 977 (27) — 1 — 951 (27) — Other investments 101 (2) — 16 — 115 (2) — Total Level 3 assets $ 70,370 $ (483) $ 14 $ 7,783 $ 112 $ 77,796 $ (499) $ 9 Liabilities Interest sensitive contract liabilities Embedded derivative $ (9,059) $ (1,177) $ — $ (672) $ — $ (10,908) $ — $ — Universal life benefits (834) 46 — — — (788) — — Future policy benefits AmerUs Closed Block (1,178) 27 — — — (1,151) — — ILICO Closed Block and life benefits (522) (31) — — — (553) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (330) (10) — 47 64 (229) — — Total Level 3 liabilities $ (11,924) $ (1,145) $ — $ (625) $ 64 $ (13,630) $ — $ — 1 Related to instruments held at end of period. Three months ended March 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 1 $ — $ — $ — $ — $ 1 $ — $ — Corporate 1,665 (1) 12 126 (180) 1,622 — 6 ABS 4,867 — (19) 155 (61) 4,942 — (16) RMBS 232 3 3 — — 238 — 3 Trading securities 53 2 — (4) (9) 42 1 — Equity securities 92 (8) — — (13) 71 (8) — Mortgage loans 27,454 251 — 2,244 — 29,949 251 — Funds withheld at interest – embedded derivative (4,847) 556 — — — (4,291) — — Short-term investments 36 — (2) (30) 26 30 — — Other investments 441 1 — (156) — 286 2 — Investments in related parties AFS securities Corporate 812 1 (7) 153 — 959 — (7) CLO 303 — 10 185 — 498 — 10 ABS 5,542 4 44 1,415 — 7,005 2 42 Trading securities 878 6 — 1 — 885 6 — Equity securities 279 4 — (32) — 251 3 — Mortgage loans 1,302 26 — (4) — 1,324 26 — Investment funds 959 43 — 32 — 1,034 43 — Funds withheld at interest – embedded derivative (1,425) 159 — — — (1,266) — — Other investments 303 (7) — 42 — 338 (7) — Reinsurance recoverable 1,388 82 — — — 1,470 — — Assets of consolidated VIEs Trading securities 622 12 — (2) 16 648 12 — Mortgage loans 2,055 19 — 45 — 2,119 19 — Investment funds 2,471 18 — (8) 100 2,581 18 — Other investments 99 — — (2) — 97 — — Total Level 3 assets $ 45,582 $ 1,171 $ 41 $ 4,160 $ (121) $ 50,833 $ 368 $ 38 Liabilities Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (473) $ — $ (433) $ — $ (6,747) $ — $ — Universal life benefits (829) (50) — — — (879) — — Future policy benefits AmerUs Closed Block (1,164) (26) — — — (1,190) — — ILICO Closed Block and life benefits (548) (31) — — — (579) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (47) — — — (189) — — Total Level 3 liabilities $ (8,525) $ (627) $ — $ (433) $ — $ (9,585) $ — $ — 1 Related to instruments held at end of period. The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Three months ended March 31, 2024 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 922 $ — $ (2) $ (76) $ 844 $ 9 $ — $ 9 ABS 313 — — (188) 125 341 (259) 82 RMBS — — — (1) (1) — — — Trading securities — — — (2) (2) 14 — 14 Equity securities 2 — (1) — 1 — — — Mortgage loans 5,686 — (26) (1,227) 4,433 — — — Derivative assets — — — — — 1 — 1 Short-term investments 2 — (6) — (4) — — — Other investments 124 — — — 124 — — — Investments in related parties AFS securities Corporate 6 — — (2) 4 — — — ABS 2,693 — (200) (263) 2,230 — — — Trading securities 2 — — (59) (57) — — — Mortgage loans — — — (1) (1) — — — Reinsurance recoverable — 109 — — 109 — — — Assets of consolidated VIEs Trading securities — — (55) — (55) 6 — 6 Mortgage loans 32 — — (16) 16 — — — Investment funds 1 — — — 1 — — — Other investments 19 — (3) — 16 — — — Total Level 3 assets $ 9,802 $ 109 $ (293) $ (1,835) $ 7,783 $ 371 $ (259) $ 112 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (898) $ — $ 226 $ (672) $ — $ — $ — Other liabilities — — — 47 47 64 — 64 Total Level 3 liabilities $ — $ (898) $ — $ 273 $ (625) $ 64 $ — $ 64 Three months ended March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 208 $ — $ — $ (82) $ 126 $ 29 $ (209) $ (180) ABS 298 — — (143) 155 215 (276) (61) RMBS 1 — — (1) — — — — Trading securities — — — (4) (4) 5 (14) (9) Equity securities — — — — — — (13) (13) Mortgage loans 2,882 — (32) (606) 2,244 — — — Short-term investments — — — (30) (30) 26 — 26 Other investments 2 — — (158) (156) — — — Investments in related parties AFS securities Corporate 156 — — (3) 153 — — — CLO 185 — — — 185 — — — ABS 1,634 — — (219) 1,415 — — — Trading securities 2 — — (1) 1 — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (4) (4) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 10 — (12) — (2) 19 (3) 16 Mortgage loans 46 — — (1) 45 — — — Investment funds — — (8) — (8) 148 (48) 100 Other investments 5 — (7) — (2) — — — Total Level 3 assets $ 5,503 $ — $ (59) $ (1,284) $ 4,160 $ 442 $ (563) $ (121) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Total Level 3 liabilities $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Significant Unobservable Inputs — Significant unobservable inputs occur when we cannot obtain or corroborate the quantitative detail of the inputs. This applies to fixed maturity securities, equity securities, mortgage loans and certain investment funds, as well as embedded derivatives in liabilities. Additional significant unobservable inputs are described below. AFS, trading and equity securities – We use discounted cash flow models to calculate the fair value for certain fixed maturity and equity securities. The discount rate is a significant unobservable input because the credit spread includes adjustments made to the base rate. The base rate represents a market comparable rate for securities with similar characteristics. This excludes assets for which fair value is provided by independent broker quotes, but includes assets for which fair value is provided by affiliated quotes. Mortgage loans – We use discounted cash flow models from independent commercial pricing services to calculate the fair value of our mortgage loan portfolio. The discount rate is a significant unobservable input. This approach uses market transaction information and client portfolio-oriented information, such as prepayments or defaults, to support the valuations. Investment funds – We use various methods of valuing our investment funds from both independent pricing services and affiliated modeling. Interest sensitive contract liabilities – embedded derivative – Significant unobservable inputs we use in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include: 1. Nonperformance risk – For contracts we issue, we use the credit spread, relative to the US Department of the Treasury (US Treasury) curve based on our public credit rating as of the valuation date. This represents our credit risk for use in the estimate of the fair value of embedded derivatives. 2. Option budget – We assume future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth. 3. Policyholder behavior – We regularly review the full withdrawal (surrender rate) assumptions. These are based on our initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products. The following summarizes the unobservable inputs for AFS, trading and equity securities, mortgage loans, investment funds and the embedded derivatives of fixed indexed annuities, including those of consolidated VIEs: March 31, 2024 (In millions, except percentages and multiples) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS, trading and equity securities $ 16,547 Discounted cash flow Discount rate 1.7 % 18.2 % 7.0 % 1 Decrease Mortgage loans 51,617 Discounted cash flow Discount rate 1.8 % 26.0 % 7.0 % 1 Decrease Investment funds 1,545 Discounted cash flow Discount rate 6.3 % 13.5 % 11.3 % 1 Decrease 471 Net tangible asset values Implied multiple 1.24x 1.24x 1.24x Increase Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 10,908 Discounted cash flow Nonperformance risk 0.4 % 1.2 % 0.8 % 2 Decrease Option budget 0.5 % 6.0 % 2.5 % 3 Increase Surrender rate 5.9 % 14.0 % 8.7 % 3 Decrease December 31, 2023 (In millions, except percentages and multiples) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS, trading and equity securities $ 14,247 Discounted cash flow Discount rate 2.3 % 18.1 % 7.0 % 1 Decrease Mortgage loans 47,569 Discounted cash flow Discount rate 2.5 % 20.6 % 6.8 % 1 Decrease Investment funds 1,574 Discounted cash flow Discount rate 6.3 % 13.5 % 11.2 % 1 Decrease 483 Net tangible asset values Implied multiple 1.14x 1.14x 1.14x Increase Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 9,059 Discounted cash flow Nonperformance risk 0.4 % 1.4 % 0.9 % 2 Decrease Option budget 0.5 % 6.0 % 2.3 % 3 Increase Surrender rate 6.0 % 13.4 % 8.7 % 3 Decrease 1 The discount rate weighted average is calculated based on the relative fair values of the securities or loans. 2 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 3 The option budget and surrender rate weighted averages are calculated based on projected account values. Financial Instruments Without Readily Determinable Fair Values —We elected the measurement alternative for certain equity securities that do not have a readily determinable fair value. The equity securities are held at cost less any impairment. The carrying amount of the equity securities was $358 million, net of an impairment of $42 million, as of March 31, 2024 and December 31, 2023, respectively. Fair Value of Financial Instruments Not Carried at Fair Value — The following represents our financial instruments not carried at fair value on the condensed consolidated balance sheets: March 31, 2024 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 110 $ 110 $ 110 $ — $ — $ — Policy loans 330 330 — — 330 — Funds withheld at interest 26,592 26,592 — — — 26,592 Other investments 35 42 — — — 42 Investments in related parties Investment funds 559 559 559 — — — Funds withheld at interest 6,751 6,751 — — — 6,751 Short-term investments 556 556 — — 556 — Total financial assets not carried at fair value $ 34,933 $ 34,940 $ 669 $ — $ 886 $ 33,385 Financial liabilities Interest sensitive contract liabilities $ 167,360 $ 158,042 $ — $ — $ — $ 158,042 Debt 5,740 5,249 — 587 4,662 — Securities to repurchase 2,666 2,666 — — 2,666 — Funds withheld liability 1,365 1,365 — — — 1,365 Total financial liabilities not carried at fair value $ 177,131 $ 167,322 $ — $ 587 $ 7,328 $ 159,407 December 31, 2023 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 109 $ 109 $ 109 $ — $ — $ — Policy loans 334 334 — — 334 — Funds withheld at interest 27,738 27,738 — — — 27,738 Other investments 46 52 — — — 52 Investments in related parties Investment funds 550 550 550 — — — Funds withheld at interest 7,195 7,195 — — — 7,195 Short-term investments 947 947 — — 947 — Total financial assets not carried at fair value $ 36,919 $ 36,925 $ 659 $ — $ 1,281 $ 34,985 Financial liabilities Interest sensitive contract liabilities $ 154,095 $ 146,038 $ — $ — $ — $ 146,038 Debt 4,209 3,660 —

Deferred Acquisition Costs, Def

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Deferred Acquisition Costs, Deferred Sales Inducements, and Value of Business Acquired	6. Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See Note 7 – Long-duration Contracts for more information on our products. Three months ended March 31, 2024 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2023 $ 890 $ 1,517 $ 10 $ 11 $ 970 $ 2,581 $ 5,979 Additions 147 294 18 — 177 — 636 Amortization (51) (39) (2) — (26) (89) (207) Balance at March 31, 2024 $ 986 $ 1,772 $ 26 $ 11 $ 1,121 $ 2,492 $ 6,408 Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836 Deferred costs related to universal life-type policies and investment contracts with significant revenue streams from sources other than investment of the policyholder funds, including traditional deferred annuities and indexed annuities, are amortized on a constant-level basis for a cohort of contracts using initial premium or deposit. Significant inputs and assumptions are required for determining the expected duration of the cohort and involves using accepted actuarial methods to determine decrement rates related to policyholder behavior for lapses, withdrawals (surrenders) and mortality. The assumptions used to determine the amortization of DAC and DSI are consistent with those used to estimate the related liability balance. Deferred costs related to investment contracts without significant revenue streams from sources other than investment of policyholder funds are amortized using the effective interest method, which primarily includes funding agreements. The effective interest method requires inputs to project future cash flows, which for funding agreements includes contractual terms of notional value, periodic interest payments based on either fixed or floating interest rates, and duration. For other investment-type contracts which include immediate annuities and assumed endowments without significant mortality risks, assumptions are required related to policyholder behavior for lapses and withdrawals (surrenders).

Long-duration Contracts

Long-duration Contracts	3 Months Ended
Long-duration Contracts	Mar. 31, 2024
Insurance [Abstract]
Long-duration Contracts	7. Long-duration Contracts Interest sensitive contract liabilities – Interest sensitive contract liabilities primarily include: ▪ traditional deferred annuities, ▪ indexed annuities consisting of fixed indexed and index-linked variable annuities, ▪ funding agreements, and ▪ other investment-type contracts comprising of immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies) and assumed endowments without significant mortality risks. The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve. Three months ended March 31, 2024 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at December 31, 2023 $ 64,763 $ 93,147 $ 32,350 $ 7,629 $ 197,889 Deposits 7,165 4,814 8,542 485 21,006 Policy charges (1) (168) — — (169) Surrenders and withdrawals (1,328) (3,150) — (20) (4,498) Benefit payments (283) (433) (1,840) (57) (2,613) Interest credited 697 641 299 49 1,686 Foreign exchange (183) (3) (184) (314) (684) Other — — (78) (24) (102) Balance at March 31, 2024 $ 70,830 $ 94,848 $ 39,089 $ 7,748 $ 212,515 Weighted average crediting rate 4.1 % 2.4 % 4.0 % 2.7 % Net amount at risk $ 425 $ 14,995 $ — $ 88 Cash surrender value 66,597 86,747 — 6,542 Three months ended March 31, 2023 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at December 31, 2022 $ 43,518 $ 92,660 $ 27,439 $ 4,722 $ 168,339 Deposits 6,700 2,929 1,500 1,033 12,162 Policy charges (1) (158) — — (159) Surrenders and withdrawals (1,818) (2,712) (70) (3) (4,603) Benefit payments (264) (422) (490) (90) (1,266) Interest credited 369 117 206 32 724 Foreign exchange — — 54 (16) 38 Other (54) — 143 (33) 56 Balance at March 31, 2023 $ 48,450 $ 92,414 $ 28,782 $ 5,645 $ 175,291 Weighted average crediting rate 3.4 % 2.3 % 2.7 % 2.9 % Net amount at risk $ 423 $ 13,903 $ — $ 66 Cash surrender value 45,994 84,047 — 2,710 The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated balance sheets: March 31, (In millions) 2024 2023 Traditional deferred annuities $ 70,830 $ 48,450 Indexed annuities 94,848 92,414 Funding agreements 39,089 28,782 Other investment-type 7,748 5,645 Reconciling items 1 7,719 5,809 Interest sensitive contract liabilities $ 220,234 $ 181,100 1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts. The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums: March 31, 2024 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 29,717 $ 17,187 $ 110,134 $ 157,038 2.0% – < 4.0% 26,736 1,712 1,672 30,120 4.0% – < 6.0% 17,125 34 1 17,160 6.0% and greater 8,197 — — 8,197 Total $ 81,775 $ 18,933 $ 111,807 $ 212,515 March 31, 2023 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 25,571 $ 23,867 $ 80,468 $ 129,906 2.0% – < 4.0% 31,793 1,709 778 34,280 4.0% – < 6.0% 9,625 52 206 9,883 6.0% and greater 1,222 — — 1,222 Total $ 68,211 $ 25,628 $ 81,452 $ 175,291 Future policy benefits – Future policy benefits consist primarily of payout annuities, including single premium immediate annuities with life contingencies (which include pension group annuities with life contingencies), and whole life insurance contracts. The following is a rollforward by product within future policy benefits: Three months ended March 31, 2024 (In millions, except percentages and years) Payout annuities with life contingencies Whole life Total Present value of expected net premiums Beginning balance $ — $ 1,182 $ 1,182 Effect of changes in discount rate assumptions — (45) (45) Effect of foreign exchange on the change in discount rate assumptions — (2) (2) Beginning balance at original discount rate — 1,135 1,135 Interest accrual — 6 6 Net premium collected — (53) (53) Foreign exchange — (77) (77) Ending balance at original discount rate — 1,011 1,011 Effect of changes in discount rate assumptions — 43 43 Effect of foreign exchange on the change in discount rate assumptions — (1) (1) Ending balance $ — $ 1,053 $ 1,053 Present value of expected future policy benefits Beginning balance $ 45,001 $ 3,371 $ 48,372 Effect of changes in discount rate assumptions 6,233 (89) 6,144 Effect of foreign exchange on the change in discount rate assumptions 1 (6) (5) Beginning balance at original discount rate 51,235 3,276 54,511 Effect of actual to expected experience (4) (4) (8) Adjusted balance 51,231 3,272 54,503 Issuances 42 — 42 Interest accrual 453 18 471 Benefit payments (1,126) (19) (1,145) Foreign exchange (7) (225) (232) Ending balance at original discount rate 50,593 3,046 53,639 Effect of changes in discount rate assumptions (6,999) 50 (6,949) Effect of foreign exchange on the change in discount rate assumptions 2 (1) 1 Ending balance $ 43,596 $ 3,095 $ 46,691 Net future policy benefits $ 43,596 $ 2,042 $ 45,638 Weighted-average liability duration (in years) 9.5 32.7 Weighted-average interest accretion rate 3.7 % 4.8 % Weighted-average current discount rate 5.4 % 4.4 % Expected future gross premiums, undiscounted $ — $ 1,344 Expected future gross premiums, discounted 1 — 1,103 Expected future benefit payments, undiscounted 74,239 11,449 1 Discounted at the original discount rate. Three months ended March 31, 2023 (In millions, except percentages and years) Payout annuities with life contingencies Whole life Total Present value of expected future policy benefits Beginning balance $ 36,422 $ — $ 36,422 Effect of changes in discount rate assumptions 8,425 — 8,425 Effect of foreign exchange on the change in discount rate assumptions (13) — (13) Beginning balance at original discount rate 44,834 — 44,834 Effect of actual to expected experience (29) — (29) Adjusted balance 44,805 — 44,805 Issuances 88 — 88 Interest accrual 346 — 346 Benefit payments (885) — (885) Foreign exchange 14 — 14 Ending balance at original discount rate 44,368 — 44,368 Effect of changes in discount rate assumptions (7,623) — (7,623) Effect of foreign exchange on the change in discount rate assumptions 7 — 7 Ending balance $ 36,752 $ — $ 36,752 Net future policy benefits $ 36,752 $ — $ 36,752 Weighted-average liability duration (in years) 10.1 0.0 Weighted-average interest accretion rate 3.2 % — % Weighted-average current discount rate 5.3 % — % Expected future benefit payments, undiscounted $ 63,995 $ — The following is a reconciliation of future policy benefits to the condensed consolidated balance sheets: March 31, (In millions) 2024 2023 Payout annuities with life contingencies $ 43,596 $ 36,752 Whole life 2,042 — Reconciling items 1 6,034 5,738 Future policy benefits $ 51,672 $ 42,490 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded. The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of income: Premiums Interest expense Three months ended March 31, Three months ended March 31, (In millions) 2024 2023 2024 2023 Payout annuities with life contingencies $ 38 $ 88 $ 453 $ 346 Whole life 55 — 12 — Reconciling items 1 8 8 — — Total $ 101 $ 96 $ 465 $ 346 1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability. Significant assumptions and inputs to the calculation of future policy benefits for payout annuities with life contingencies include policyholder demographic data, assumptions for policyholder longevity and policyholder utilization for contracts with deferred lives, and discount rates. For whole life products, significant assumptions and inputs include policyholder demographic data, assumptions for mortality, morbidity, and lapse and discount rates. We base certain key assumptions related to policyholder behavior on industry standard data adjusted to align with actual company experience, if necessary. At least annually, we review all significant cash flow assumptions and update as necessary, unless emerging experience indicates a more frequent review is necessary. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is interpolated, where necessary, to conform to the duration of our liabilities. During the three months ended March 31, 2024, the present value of expected future policy benefits decreased by $1,681 million, which was driven by $1,145 million of benefit payments and an $803 million change in discount rate assumptions related to an increase in market observable rates, partially offset by $471 million of interest accrual. During the three months ended March 31, 2023, the present value of expected future policy benefits increased by $330 million, which was primarily driven by an $802 million change in discount rate assumptions related to a decrease in market observable rates and $346 million of interest accrual, partially offset by $885 million of benefit payments. The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of income: Three months ended March 31, (In millions) 2024 2023 Reserves $ 8 $ 29 Deferred profit liability (20) (27) Negative VOBA — (4) Total remeasurement gains (losses) $ (12) $ (2) During the three months ended March 31, 2024 and 2023, we recorded reserve increases of $25 million and $0 million, respectively, on the condensed consolidated statements of income as a result of the present value of benefits and expenses exceeding the present value of gross premiums. Market risk benefits – We issue and reinsure traditional deferred and indexed annuity products that contain guaranteed lifetime withdrawal benefit (GLWB) and guaranteed minimum death benefit (GMDB) riders that meet the criteria to be classified as market risk benefits. The following is a rollfoward of net market risk benefit liabilities by product: Three months ended March 31, 2024 (In millions, except years) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2023 $ 192 $ 3,181 $ 3,373 Effect of changes in instrument-specific credit risk 2 (10) (8) Balance, beginning of period, before changes in instrument-specific credit risk 194 3,171 3,365 Issuances — 93 93 Interest accrual 3 47 50 Attributed fees collected 1 86 87 Benefit payments (2) (15) (17) Effect of changes in interest rates (8) (220) (228) Effect of changes in equity — (73) (73) Effect of actual policyholder behavior compared to expected behavior 2 25 27 Balance, end of period, before changes in instrument-specific credit risk 190 3,114 3,304 Effect of changes in instrument-specific credit risk (1) 37 36 Balance at March 31, 2024 $ 189 $ 3,151 $ 3,340 Less: Reinsurance recoverable — (10) (10) Balance at March 31, 2024, net of reinsurance $ 189 $ 3,141 $ 3,330 Net amount at risk $ 425 $ 14,995 Weighted-average attained age of contract holders (in years) 76 69 Three months ended March 31, 2023 (In millions, except years) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument specific credit risk 183 2,672 2,855 Issuances — 17 17 Interest accrual 2 32 34 Attributed fees collected 1 84 85 Benefit payments — (6) (6) Effect of changes in interest rates 8 218 226 Effect of changes in equity — (18) (18) Effect of actual policyholder behavior compared to expected behavior 2 23 25 Balance, end of period, before changes in instrument-specific credit risk 196 3,022 3,218 Effect of changes in instrument-specific credit risk (16) (439) (455) Balance at March 31, 2023 $ 180 $ 2,583 $ 2,763 Net amount at risk $ 423 $ 13,903 Weighted-average attained age of contract holders (in years) 75 69 The following is a reconciliation of market risk benefits to the condensed consolidated balance sheets. Market risk benefit assets are included in other assets on the condensed consolidated balance sheets. March 31, 2024 March 31, 2023 (In millions) Asset Liability Net liability Asset Liability Net liability Traditional deferred annuities $ — $ 189 $ 189 $ — $ 180 $ 180 Indexed annuities 383 3,534 3,151 440 3,023 2,583 Total $ 383 $ 3,723 $ 3,340 $ 440 $ 3,203 $ 2,763 During the three months ended March 31, 2024, net market risk benefit liabilities decreased by $33 million, which was primarily driven by a decrease of $228 million related to changes in the risk-free discount rate across the curve, offset by $93 million of issuances and $87 million in fees collected from policyholders. During the three months ended March 31, 2023, net market risk benefit liabilities increased by $274 million, which was primarily driven by a $226 million change in interest rates related to a decrease in discount rates. The determination of the fair value of market risk benefits requires the use of inputs related to fees and assessments and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, that impact future policyholder account growth. Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For indexed annuities, assumptions also include projected equity returns which impact cash flows attributable to indexed strategies, implied equity volatilities, expected index credits on the next policy anniversary date and future equity option costs. Assumptions related to the level of option budgets used for determining the future equity option costs and the impact on future policyholder account value growth are considered unobservable inputs. Policyholder behavior assumptions are unobservable inputs and are established using accepted actuarial valuation methods to estimate withdrawals (surrender rate) and income rider utilization. Assumptions are generally based on industry data and pricing assumptions which are updated for actual experience, if necessary. Actual experience may be limited for recently issued products. All inputs are used to project excess benefits and fees over a range of risk-neutral, stochastic interest rate scenarios. For indexed annuities, stochastic equity return scenarios are also included within the range. A risk margin is incorporated within the discount rate to reflect uncertainty in the projected cash flows such as variations in policyholder behavior, as well as a credit spread to reflect our nonperformance risk, which is considered an unobservable input. We use the credit spread, relative to the US Treasury curve based on our public credit rating as of the valuation date, as the credit spread to reflect our nonperformance risk in the estimate of the fair value of market risk benefits. The following summarizes the unobservable inputs for market risk benefits: March 31, 2024 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 3,340 Discounted cash flow Nonperformance risk 0.4 % 1.2 % 1.1 % 1 Decrease Option budget 0.5 % 6.0 % 2.0 % 2 Decrease Surrender rate 3.1 % 6.6 % 4.4 % 2 Decrease Utilization rate 28.6 % 95.0 % 84.1 % 3 Increase March 31, 2023 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 2,763 Discounted cash flow Nonperformance risk 0.3 % 1.7 % 1.6 % 1 Decrease Option budget 0.5 % 5.6 % 1.7 % 2 Decrease Surrender rate 3.3 % 6.9 % 4.5 % 2 Decrease Utilization rate 28.6 % 95.0 % 82.7 % 3 Increase 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. 2 The option budget and surrender rate weighted averages are calculated based on projected account values. 3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	8. Debt Senior Notes —During the first quarter of 2024, we issued $1.0 billion of 6.250% Senior Notes due April 1, 2054 (2054 Senior Notes). We will pay interest on the 2054 Senior Notes semi-annually, commencing on October 1, 2024. We may redeem the 2054 Senior Notes, in whole or in part, at any time prior to October 1, 2053, at a price equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date at the Treasury Rate (as defined in the applicable prospectus supplement) plus 30 basis points, and any accrued and unpaid interest. Thereafter, we can call the 2054 Senior Notes, in whole or in part, at a price equal to 100% of the principal and any accrued and unpaid interest. Subordinated Notes —During the first quarter of 2024, we issued $575 million of 7.250% Fixed-Rate Reset Junior Subordinated Debentures due March 30, 2064 (2064 Subordinated Notes). We will pay interest at an annual fixed rate of 7.250% on the 2064 Subordinated Notes quarterly, commencing on June 30, 2024 until March 30, 2029. On March 30, 2029, and every fifth annual anniversary thereafter, the interest rate resets to the Five-Year US Treasury Rate (as defined in the applicable prospectus supplement) plus 2.986%. We may defer interest payments for up to five The following is a summary of our debt: Outstanding Balance (In millions, except percentages) Issue Date Maturity Date Principal Balance March 31, 2024 December 31, 2023 4.125% 2028 Senior Notes January 12, 2018 January 12, 2028 $ 1,000 $ 1,062 $ 1,066 6.150% 2030 Senior Notes April 3, 2020 April 3, 2030 500 589 593 3.500% 2031 Senior Notes October 8, 2020 January 15, 2031 500 522 523 6.650% 2033 Senior Notes November 21, 2022 February 1, 2033 400 395 395 5.875% 2034 Senior Notes December 12, 2023 January 15, 2034 600 584 583 3.950% 2051 Senior Notes May 25, 2021 May 25, 2051 500 545 545 3.450% 2052 Senior Notes December 13, 2021 May 15, 2052 500 504 504 6.250% 2054 Senior Notes March 22, 2024 April 1, 2054 1,000 982 — 7.250% 2064 Subordinated Notes March 7, 2024 March 30, 2064 575 557 — Total debt $ 5,575 $ 5,740 $ 4,209

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2024
Equity [Abstract]
Equity	9. Equity Acc umulated Other Comprehensive Income (Loss)— The following provides the details and changes in AOCI: (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2023 $ (8,672) $ (289) $ (82) $ 3,458 $ 3 $ 13 $ (5,569) Other comprehensive income (loss) before reclassifications (545) (145) (58) 803 (28) (16) 11 Less: Reclassification adjustments for gains (losses) realized in net income 1 47 — 18 — — — 65 Less: Income tax expense (benefit) (117) (30) (16) 168 (6) (3) (4) Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax (188) — (13) 214 (2) (2) 9 Balance at March 31, 2024 $ (8,959) $ (404) $ (129) $ 3,879 $ (17) $ 2 $ (5,628) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2022 $ (12,565) $ (334) $ 47 $ 5,256 $ 285 $ (10) $ (7,321) Other comprehensive income (loss) before reclassifications 2,187 (119) 191 (802) 89 16 1,562 Less: Reclassification adjustments for gains (losses) realized in net income 1 (31) — 87 — — — 56 Less: Income tax expense (benefit) 312 14 15 (73) 18 4 290 Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax 220 — 27 (208) 1 3 43 Balance at March 31, 2023 $ (10,879) $ (467) $ 109 $ 4,735 $ 355 $ (1) $ (6,148) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The income tax expense was $307 million and $163 million for the three months ended March 31, 2024 and 2023, respectively. Our effective tax rate was 17% and 12% for the three months ended March 31, 2024 and 2023, respectively. The UK enacted legislation in July 2023 implementing certain provisions of the Organisation for Economic Cooperation and Development’s “Pillar Two” global minimum tax initiative (Pillar Two) that will apply to multinational enterprises for accounting periods beginning on or after December 31, 2023. On February 22, 2024, the UK enacted certain amendments to its Pillar Two legislation which similarly take effect for accounting periods beginning on or after December 31, 2023. We are continuing to evaluate the potential impact on future periods of Pillar Two, pending legislative adoption by individual countries, as such legislative changes could result in changes to our effective tax rate. The Company evaluated the enacted legislation and concluded there was no material impact to the effective tax rate for the three months ended March 31, 2024. On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act of 2023 (Bermuda CIT). Commencing on January 1, 2025, the Bermuda CIT will generally impose a 15% corporate income tax on in-scope entities that are resident in Bermuda or have a Bermuda permanent establishment, without regard to any assurances that have been given pursuant to the Exempted Undertakings Tax Protection Act 1966. We recorded material deferred tax assets as of December 31, 2023 as a result of the passage of the Bermuda CIT, primarily related to an estimated opening tax loss carryforward under Bermuda CIT. Throughout 2024, we will evaluate and record any applicable adjustments to these deferred tax assets. We evaluated the existing deferred tax assets and determined that no adjustments were necessary as of March 31, 2024.

Related Parties

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	11. Related Parties Apollo Fee structure – Substantially all of our investments are managed by Apollo. Apollo provides us with a full suite of services for our investment portfolio, including direct investment management, asset allocation, mergers and acquisitions asset diligence and certain operational support services, including investment compliance, tax, legal and risk management support. Apollo has extensive experience managing our investment portfolio and its knowledge of our liability profile enables it to tailor an asset management strategy to fit our specific needs. This strategy has proven responsive to changing market conditions and focuses on earning incremental yield by taking measured liquidity risk and complexity risk, rather than assuming incremental credit risk. Our partnership has enabled us to take advantage of investment opportunities that would likely not otherwise have been available to us. Under our fee agreement with Apollo, we pay Apollo a base management fee of (1) 0.225% per year on a monthly basis equal to the lesser of (A) $103.4 billion, which represents the aggregate fair market value of substantially all of the assets in substantially all of the accounts of or relating to us (collectively, the Accounts) as of December 31, 2018 (Backbook Value), and (B) the aggregate book value of substantially all of the assets in the Accounts at the end of the respective month, plus (2) 0.15% per year of the amount, if any, by which the aggregate book value of substantially all of the assets in the Accounts at the end of the respective month exceeds the Backbook Value, subject to certain adjustments. Additionally, we pay a sub-allocation fee based on specified asset class tiers ranging from 0.065% to 0.70% of the book value of such assets, with the higher percentages in this range for asset classes that are designed to have more alpha generating abilities. Effective December 31, 2023, in addition to the base and sub-allocation fees specified above, we pay Apollo a target annual performance fee of $37.5 million, with the amount of the annual performance fee ranging from between 0% and 200% of such target amount, based on our spread related earnings for the year relative to our targets, beginning with the performance period for the second half of 2023. During the three months ended March 31, 2024 and 2023, we incurred management fees, inclusive of the base, sub-allocation and performance fees, of $289 million and $222 million, respectively. Management fees are included within net investment income on the condensed consolidated statements of income. As of March 31, 2024 and December 31, 2023, management fees payable were $115 million and $101 million, respectively, and are included in other liabilities on the condensed consolidated balance sheets. Such amounts include fees incurred attributable to Athene Co-Invest Reinsurance Affiliate Holding Ltd. (together with its subsidiaries, ACRA 1) and Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd. (together with its subsidiaries, ACRA 2) including any noncontrolling interests associated with ACRA 1 and ACRA 2 (collectively, ACRA). In addition to the assets on our condensed consolidated balance sheets managed by Apollo, Apollo manages the assets underlying our funds withheld receivable. For these assets, the third-party cedants pay Apollo fees based upon the same fee construct we have with Apollo. Such fees directly reduce the settlement payments that we receive from the third-party cedant and, as such, we indirectly pay those fees. Finally, Apollo charges management fees and carried interest on Apollo-managed funds and other entities in which we invest. Neither the fees paid by such third-party cedants nor the fees or carried interest paid by such Apollo-managed funds or other entities are included in the investment management fee amounts noted above. Governance – We have an investment and asset liability committee, which includes members of our senior management and reports to the risk committee of our board of directors. The committee focuses on strategic decisions involving our investment portfolio, such as approving investment limits, new asset classes and our allocation strategy, reviewing large asset transactions, as well as monitoring our credit risk, and the management of our assets and liabilities. AGM owns all of our common stock and James Belardi, our Chief Executive Officer, serves as a member of the board of directors and an executive officer of AGM, and Chief Executive Officer of Apollo Insurance Solutions Group LP (ISG), which is also a subsidiary of AGM. Mr. Belardi also owns a profit interest in ISG and in connection with such interest receives quarterly distributions equal to 3.35% of base management fees and 4.5% of subadvisory fees, as such fees are defined in our fee agreement with Apollo. Additionally, five of the eleven members of our board of directors (including Mr. Belardi) are employees of or consultants to Apollo. In order to protect against potential conflicts of interest resulting from transactions into which we have entered and will continue to enter into with the Apollo Group, our bylaws require us to maintain a conflicts committee comprised solely of directors who are not general partners, directors (other than independent directors of AGM), managers, officers or employees of any member of the Apollo Group. The conflicts committee reviews and approves material transactions between us and the Apollo Group, subject to certain exceptions. Other related party transactions Apollo Aligned Alternatives Aggregator, L.P. (AAA) – We consolidate AAA as a VIE and AAA holds the majority of our alternative investments portfolio. Apollo established AAA to provide a single vehicle through which investors participate in a portfolio of alternative investments, including those managed by Apollo. Additionally, we believe AAA enhances Apollo’s ability to increase alternative assets under management (AUM) by raising capital from third parties, which allows us to achieve greater scale and diversification for alternatives. Athora Holding Ltd. (Athora) – We have a cooperation agreement with Athora, pursuant to which, among other things, (1) for a period of 30 days from the receipt of notice of a cession, we have the right of first refusal to reinsure (i) up to 50% of the liabilities ceded from Athora’s reinsurance subsidiaries to Athora Life Re Ltd. and (ii) up to 20% of the liabilities ceded from a third party to any of Athora’s insurance subsidiaries, subject to a limitation in the aggregate of 20% of Athora’s liabilities, (2) Athora agreed to cause its insurance subsidiaries to consider the purchase of certain funding agreements and/or other spread instruments issued by our insurance subsidiaries, subject to a limitation that the fair market value of such funding agreements purchased by any of Athora’s insurance subsidiaries may generally not exceed 3% of the fair market value of such subsidiary’s total assets, (3) we provide Athora with a right of first refusal to pursue acquisition and reinsurance transactions in Europe (other than the United Kingdom (UK)) and (4) Athora provides us and our subsidiaries with a right of first refusal to pursue acquisition and reinsurance transactions in North America and the UK. Notwithstanding the foregoing, pursuant to the cooperation agreement, Athora is only required to use its reasonable best efforts to cause its subsidiaries to adhere to the provisions set forth in the cooperation agreement and therefore Athora’s ability to cause its subsidiaries to act pursuant to the cooperation agreement may be limited by, among other things, legal prohibitions or the inability to obtain the approval of the board of directors or other applicable governing body of the applicable subsidiary, which approval is solely at the discretion of such governing body. As of March 31, 2024 , we have not exercised our right of first refusal to reinsure liabilities ceded to Athora’s insurance or reinsurance subsidiaries. We have investments in Athora’s equity, which we hold as a related party investment fund on the condensed consolidated balance sheets, and non-redeemable preferred equity securities. The following table summarizes our investments in Athora: (In millions) March 31, 2024 December 31, 2023 Investment fund $ 1,067 $ 1,082 Non-redeemable preferred equity securities 244 249 Total investment in Athora $ 1,311 $ 1,331 Additionally, as of March 31, 2024 and December 31, 2023, we had $59 million and $61 million, respectively, of funding agreements outstanding to Athora . We also have commitments to make additional equity investments in Athora of $523 million as of March 31, 2024. Atlas Securitized Products Holdings LP (Atlas) – We have an equity investment in Atlas, an asset-backed specialty lender, through our investment in AAA. A s of March 31, 2024 and December 31, 2023, we held $2,985 million and $1,008 million, respectively, of related party AFS securities issued by Atlas. Additionally, we held $536 million and $921 million of reverse repurchase agreements issued by Atlas as of March 31, 2024 and December 31, 2023, respectively, which are held as related party short-term investments on the condensed consolidated balance sheets. See Note 12 – Commitments and Contingencies for further information on assurance letters issued in support of Atlas. Catalina – We have an investment in Apollo Rose II (B) (Apollo Rose), which we consolidate as a VIE. Apollo Rose has equity interests in Catalina Holdings (Bermuda) Ltd. (together with its subsidiaries, Catalina) and is reflected as a related party investment fund in assets of consolidated VIEs on the condensed consolidated balance sheets. We have a strategic modco reinsurance agreement with Catalina to cede certain inforce funding agreements. We elected the fair value option on this agreement and had a liability of $263 million and $330 million as of March 31, 2024 and December 31, 2023, respectively, which is included in other liabilities on the condensed consolidated balance sheets. During the first quarter of 2024, we entered into a modco reinsurance agreement with Catalina to cede a quota share of retail deferred annuity products. As of March 31, 2024, we had a reinsurance recoverable balance of $1,125 million related to this agreement. MidCap FinCo Designated Activity Company (MidCap Financial) – We have various investments in MidCap Financial including an investment through AAA, senior unsecured notes and redeemable preferred stock. We also hold structured securities issued by MidCap Financial affiliates. As of March 31, 2024 and December 31, 2023, we held securities issued by MidCap Financial and its affiliates of $1,868 million and $1,844 million, respectively, which are included in related party AFS or trading securities on the condensed consolidated balance sheets. PK AirFinance – We have investments in PK AirFinance (PK Air), an aviation lending business with a portfolio of loans (Aviation Loans). The Aviation Loans are generally fully secured by aircraft leases and aircraft and are securitized by a special purpose vehicle (SPV) for which Apollo acts as ABS manager (ABS-SPV). The ABS-SPV issues tranches of senior notes and subordinated notes, which are secured by the Aviation Loans. We have investments in PK Air through our investment in AAA. We also held PK Air notes of $1,559 million and $1,617 million as of March 31, 2024 and December 31, 2023, respectively, which are included in related party AFS on the condensed consolidated balance sheets. We have commitments to make additional investments in PK Air of $1,425 million as of March 31, 2024. Strategic Partnership – We have an agreement pursuant to which we may invest up to $2.875 billion in funds managed by Apollo entities (Strategic Partnership). This arrangement is intended to permit us to invest across the Apollo alternatives platform into credit-oriented, strategic and other alternative investments in a manner and size that is consistent with our existing investment strategy. Fees for such investments payable by us to Apollo would be more favorable to us than market rates, and consistent with our existing alternative investments, investments made under the Strategic Partnership require approval of ISG and remain subject to our existing governance processes, including approval by our conflicts committee where applicable. As of March 31, 2024 and December 31, 2023, we held $1,753 million and $1,725 million, respectively, of investments under the Strategic Partnership and these investments are typically included as investments of consolidated VIEs or related party investment funds on the condensed consolidated balance sheets. Venerable – VA Capital Company LLC (VA Capital) is owned by a consortium of investors, led by affiliates of Apollo, Crestview Partners III Management, LLC and Reverence Capital Partners L.P., and is the parent of Venerable Holdings, Inc. (together with its subsidiaries, Venerable). We have a minority equity investment in VA Capital, which was $184 million and $181 million as of March 31, 2024 and December 31, 2023, respectively, and is included in related party investment funds on the condensed consolidated balance sheets and accounted for as an equity method investment. We also have coinsurance and modco agreements with VIAC, which is a subsidiary of Venerable. VIAC is a related party due to our investment in VA Capital. Effective July 1, 2023, VIAC recaptured $2.7 billion of reserves, which represents a portion of their business that was subject to those coinsurance and modco agreements. We recognized a gain of $555 million, which is included in other revenues on the condensed consolidated statements of income, in the third quarter of 2023 as a result of the settlement of the recapture agreement. As a result of our intent to transfer the assets supporting this business to VIAC in connection with the recapture, we were required by US GAAP to recognize the unrealized losses on these assets of $104 million as intent-to-sell impairments in the second quarter of 2023. We also have term loans receivable from Venerable due in 2033, which are included in related party other investments on the condensed consolidated balance sheets. The loans are held at fair value and were $336 million and $343 million as of March 31, 2024 and December 31, 2023, respectively. While management views the overall transactions with Venerable as favorable to us, the stated interest rate of 6.257% on the initial term loan to Venerable represented a below-market interest rate, and management considered such rate as part of its evaluation and pricing of the reinsurance transactions. Wheels – We invest in Wheels, Inc., (Wheels) indirectly through our investment in AAA. We also own securities issued by Wheels of $980 million and $981 million as of March 31, 2024 and December 31, 2023, respectively, which are included in related party AFS securities on the condensed consolidated balance sheets. We also have commitments to make additional investments in Wheels of $77 million as of March 31, 2024. ACRA and Apollo/Athene Dedicated Investment Programs I and II (collectively, ADIP) – ACRA 1 is partially owned by Apollo/Athene Dedicated Investment Program (ADIP I), a series of funds managed by Apollo. ALRe currently holds 36.55% of the economic interests in ACRA 1 and all of ACRA 1’s voting interests, with ADIP I holding the remaining 63.45% of the economic interests. ACRA 2 is partially owned by Apollo/Athene Dedicated Investment Program II (ADIP II), a fund managed by Apollo. ALRe currently holds 40% of the economic interests and all of ACRA 2’s voting interests, with ADIP II holding the remaining 60% of the economic interests. We received capital contributions and paid distributions relating to ACRA of the following: Three months ended March 31, (In millions) 2024 2023 Contributions from ADIP $ 405 $ — Distributions to ADIP (254) (127) Additionally, as of March 31, 2024 and December 31, 2023 , we had $218 million and $213 million, respectively, of related party payables for contingent investment fees payable by ACRA to Apollo. ACRA is obligated to pay the contingent investment fees on behalf of ADIP and, as such, the balance is attributable to the noncontrolling interests. Unsecured Revolving Promissory Note Receivable with AGM – AHL has an unsecured revolving promissory note with AGM which allows AGM to borrow funds from AHL. The note has a borrowing capacity of $500 million. Interest accrues at the US mid-term applicable federal rate per year and has a maturity date of December 13, 2025, or earlier at AHL’s request. The note receivable had an outstanding balance of $145 million and $109 million as of March 31, 2024 and December 31, 2023, respectively . Unsecured Revolving Promissory Note Payable with AGM – AHL has an unsecured revolving promissory note with AGM which allows AHL to borrow funds from AGM. The note has a borrowing capacity of $500 million. Interest accrues at the US mid-term applicable federal rate per year and has a maturity date of December 13, 2025, or earlier at AGM’s request. There was no outstanding balance on the note payable as of March 31, 2024 and December 31, 2023, respectively .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Contingent Commitments —We had commitments to make investments, primarily capital contributions to investment funds, inclusive of related party commitments discussed previously and those of consolidated VIEs, of $24.3 billion as of March 31, 2024. We expect most of our current commitments will be invested over the next five years; however, these commitments could become due any time upon counterparty request. Funding Agreements —We are a member of the Federal Home Loan Bank of Des Moines (FHLB) and, through membership, we have issued funding agreements to the FHLB in exchange for cash advances. As of March 31, 2024 and December 31, 2023, we had $7.6 billion and $6.5 billion, respectively, of FHLB funding agreements outstanding. We are required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties. We have a funding agreement backed notes (FABN) program, which allows Athene Global Funding, a special-purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from us. As of March 31, 2024 and December 31, 2023, we had $23.2 billion and $19.9 billion, respectively, of FABN f unding agreements outstanding . We had $11.4 billion of board-authorized FABN capacity remaining as of March 31, 2024. We also issue secured and other funding agreements. Secured funding agreements involve special-purpose, unaffiliated entities entering into repurchase agreements with a third party, the proceeds of which are used by the special-purpose entities to purchase funding agreements from us. As of March 31, 2024 and December 31, 2023, we had $8.5 billion and $6.0 billion, respectively, of secured and other funding agreements outstanding. Pledged Assets and Funds in Trust (Restricted Assets)— The total restricted assets included on the condensed consolidated balance sheets are as follows: (In millions) March 31, 2024 December 31, 2023 AFS securities $ 40,467 $ 32,458 Trading securities 142 139 Equity securities 146 80 Mortgage loans 16,482 14,257 Investment funds 419 409 Derivative assets 83 73 Short-term investments 45 153 Other investments 362 313 Restricted cash 1,575 1,761 Total restricted assets $ 59,721 $ 49,643 The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements and the FHLB and secured funding agreements described above. Letters of Credit— We have undrawn letters of credit totaling $1,314 million as of March 31, 2024. These letters of credit were issued for our reinsurance program and have expirations through May 22, 2028. Assurance Letter —In connection with our, Apollo and Credit Suisse AG’s (CS) previously announced transaction, Atlas acquired certain assets of the CS Securitized Products Group and agreed to pay CS $3.3 billion, of which $0.4 billion is deferred until February 8, 2026, and $2.9 billion is deferred until February 8, 2028. In March 2024, in connection with Atlas concluding its investment management agreement with CS, the deferred purchase obligation amount was reduced to $2.5 billion. In addition, certain strategic investors have made equity commitments to Atlas which therefore obligates these investors for a portion of the deferred purchase obligation. This deferred purchase price is an obligation first of Atlas, and (as a result of additional guarantees provided by AAA, Apollo Asset Management, Inc. (AAM) and AHL) second of AAA, third of AAM, fourth of AHL and fifth of AARe. AARe and AAM have each issued an assurance letter to CS to guarantee the full amount. Our guarantees are not probable of payment, hence there are no liabilities recorded for the guarantees on the condensed consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 1,192	$ 768

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business, Basis of Presentati_2

Business, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and the United States Securities and Exchange Commission’s rules and regulations for Form 10-Q and Article 10 of Regulation S-X. The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments, consisting only of normal recurring items, considered necessary for fair statement of the results for the interim periods presented. Certain reclassifications have been made to conform with current year presentation. All intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year. For entities that are consolidated, but not wholly owned, we allocate a portion of the income or loss and corresponding equity to the owners other than us. We include the aggregate of the income or loss and corresponding equity that is not owned by us in noncontrolling interests in the condensed consolidated financial statements.
Consolidation	The accompanying condensed consolidated financial statements are unaudited and reflect all adjustments, consisting only of normal recurring items, considered necessary for fair statement of the results for the interim periods presented. Certain reclassifications have been made to conform with current year presentation. All intercompany accounts and transactions have been eliminated. Interim operating results are not necessarily indicative of the results expected for the entire year. For entities that are consolidated, but not wholly owned, we allocate a portion of the income or loss and corresponding equity to the owners other than us. We include the aggregate of the income or loss and corresponding equity that is not owned by us in noncontrolling interests in the condensed consolidated financial statements.
Use of Estimates	The preparation of financial statements requires the use of management estimates. Actual results may differ from estimates used in preparing the condensed consolidated financial statements.
Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Compensation – Stock Compensation (ASU 2024-01) The amendments in this update clarify how an entity determines whether it is required to account for profits interest awards (and similar awards) in accordance with Accounting Standards Codification (ASC) 718 Compensation – Stock Compensation or other guidance. The Accounting Standards Update (ASU) provides specific examples on when profits interest awards should be accounted for as a share-based payment arrangement under ASC 718 or in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 Compensation – General or other ASC topics. The guidance is effective for us on January 1, 2025, and early adoption is permitted but must be implemented as of the beginning of the fiscal year. We are currently evaluating the impact of the new pronouncement on our consolidated financial statements. Income Taxes—Improvements to Income Tax Disclosures (ASU 2023-09) The amendments in this update revise certain disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state and foreign taxes. The guidance is effective for us for annual periods beginning in 2025. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Segment Reporting – Improvements to Reporting Segment Disclosures (ASU 2023-07) The amendments in this update incrementally add disclosures for public entities’ reporting segments including significant segment expenses and other segment items. The guidance is effective for us for the 2024 annual period and in interim periods in 2025. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Business Combinations – Joint Venture Formations (ASU 2023-05) The amendments in this update address how a joint venture initially recognizes and measures contributions received at its formation date. The amendments require a joint venture to apply a new basis of accounting upon formation and to initially recognize its assets and liabilities at fair value. The guidance is effective prospectively for all joint ventures formed on or after January 1, 2025, while retrospective application may be elected for a joint venture formed before the effective date. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. Adopted Accounting Pronouncements Reference Rate Reform (Topic 848) (ASU 2022-06, ASU 2021-01, ASU 2020-04) We adopted ASU 2020-04 and ASU 2021-01 and elected to apply certain of the practical expedients related to contract modifications, hedge accounting relationships, and derivative modifications pertaining to discounting, margining, or contract price alignment. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform, and these elections did not have, and are not expected to have, a material impact on the consolidated financial statements. ASU 2022-06 amended and deferred the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which we will no longer be permitted to apply the expedients provided in Topic 848. We will continue to evaluate the impact of reference rate reform on contract modifications and hedging relationships.

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2024
Schedule of Investments [Abstract]
Available-for-sale Securities	The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type: March 31, 2024 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 6,764 $ — $ 41 $ (1,002) $ 5,803 US state, municipal and political subdivisions 1,283 — — (252) 1,031 Foreign governments 2,086 — 6 (308) 1,784 Corporate 94,419 (127) 589 (11,457) 83,424 CLO 22,590 (1) 268 (459) 22,398 ABS 14,379 (51) 118 (576) 13,870 CMBS 7,372 (31) 63 (468) 6,936 RMBS 8,235 (387) 229 (450) 7,627 Total AFS securities 157,128 (597) 1,314 (14,972) 142,873 AFS securities – related parties Corporate 1,428 — 3 (76) 1,355 CLO 4,506 — 18 (78) 4,446 ABS 10,870 (1) 21 (313) 10,577 Total AFS securities – related parties 16,804 (1) 42 (467) 16,378 Total AFS securities including related parties $ 173,932 $ (598) $ 1,356 $ (15,439) $ 159,251 December 31, 2023 (In millions) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS securities US government and agencies $ 6,161 $ — $ 67 $ (829) $ 5,399 US state, municipal and political subdivisions 1,296 — — (250) 1,046 Foreign governments 2,083 — 71 (255) 1,899 Corporate 88,343 (129) 830 (10,798) 78,246 CLO 20,506 (2) 261 (558) 20,207 ABS 13,942 (49) 120 (630) 13,383 CMBS 7,070 (29) 52 (502) 6,591 RMBS 8,160 (381) 252 (464) 7,567 Total AFS securities 147,561 (590) 1,653 (14,286) 134,338 AFS securities – related parties Corporate 1,423 — 1 (72) 1,352 CLO 4,367 — 21 (120) 4,268 ABS 8,665 (1) 34 (309) 8,389 Total AFS securities – related parties 14,455 (1) 56 (501) 14,009 Total AFS securities including related parties $ 162,016 $ (591) $ 1,709 $ (14,787) $ 148,347 The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded: March 31, 2024 Unrealized loss position Unrealized loss position 12 months or more AFS securities 8,612 7,343 AFS securities – related parties 185 121
Debt Securities, Available-for-sale, Allowance for Credit Loss	Allowance for Credit Losses — The following table summarizes the activity in the allowance for credit losses for AFS securities including purchased credit deteriorated (PCD) securities by asset type: Three months ended March 31, 2024 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending balance AFS securities Corporate $ 129 $ 7 $ — $ (8) $ (1) $ 127 CLO 2 — — — (1) 1 ABS 49 2 — — — 51 CMBS 29 1 — — 1 31 RMBS 381 4 — (4) 6 387 Total AFS securities 590 14 — (12) 5 597 AFS securities – related parties, ABS 1 — — — — 1 Total AFS securities including related parties $ 591 $ 14 $ — $ (12) $ 5 $ 598 Three months ended March 31, 2023 Additions Reductions (In millions) Beginning balance Initial credit losses Initial credit losses on PCD securities Securities sold during the period Additions (reductions) to previously impaired securities Ending balance AFS securities Foreign governments $ 27 $ — $ — $ — $ — $ 27 Corporate 61 21 — (6) 3 79 CLO 7 1 — — (4) 4 ABS 29 — — — 2 31 CMBS 5 1 — — (1) 5 RMBS 329 3 28 (4) — 356 Total AFS securities 458 26 28 (10) — 502 AFS securities – related parties, CLO 1 — — — — 1 Total AFS securities including related parties $ 459 $ 26 $ 28 $ (10) $ — $ 503
Available-for-sale Securities by Contractual Maturity	The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below: March 31, 2024 (In millions) Amortized Cost Fair Value AFS securities Due in one year or less $ 2,294 $ 2,256 Due after one year through five years 20,196 19,366 Due after five years through ten years 25,571 23,178 Due after ten years 56,491 47,242 CLO, ABS, CMBS and RMBS 52,576 50,831 Total AFS securities 157,128 142,873 AFS securities – related parties Due after one year through five years 911 898 Due after five years through ten years 122 114 Due after ten years 395 343 CLO and ABS 15,376 15,023 Total AFS securities – related parties 16,804 16,378 Total AFS securities including related parties $ 173,932 $ 159,251
Fair Values and Unrealized Losses on Available-for-sale Securities	The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost: March 31, 2024 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities US government and agencies $ 2,447 $ (189) $ 2,313 $ (813) $ 4,760 $ (1,002) US state, municipal and political subdivisions 132 (6) 888 (246) 1,020 (252) Foreign governments 986 (42) 735 (266) 1,721 (308) Corporate 13,687 (532) 49,045 (10,903) 62,732 (11,435) CLO 1,966 (7) 8,909 (417) 10,875 (424) ABS 1,798 (45) 4,307 (389) 6,105 (434) CMBS 552 (11) 1,927 (363) 2,479 (374) RMBS 606 (14) 1,399 (134) 2,005 (148) Total AFS securities 22,174 (846) 69,523 (13,531) 91,697 (14,377) AFS securities – related parties Corporate 241 (40) 384 (36) 625 (76) CLO 399 (2) 2,223 (75) 2,622 (77) ABS 4,115 (77) 2,486 (216) 6,601 (293) Total AFS securities – related parties 4,755 (119) 5,093 (327) 9,848 (446) Total AFS securities including related parties $ 26,929 $ (965) $ 74,616 $ (13,858) $ 101,545 $ (14,823) December 31, 2023 Less than 12 months 12 months or more Total (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS securities US government and agencies $ 2,013 $ (94) $ 2,389 $ (735) $ 4,402 $ (829) US state, municipal and political subdivisions 123 (5) 888 (245) 1,011 (250) Foreign governments 690 (13) 760 (242) 1,450 (255) Corporate 7,752 (474) 50,028 (10,311) 57,780 (10,785) CLO 689 (2) 11,579 (543) 12,268 (545) ABS 2,129 (75) 4,378 (458) 6,507 (533) CMBS 859 (12) 1,967 (406) 2,826 (418) RMBS 467 (9) 2,057 (263) 2,524 (272) Total AFS securities 14,722 (684) 74,046 (13,203) 88,768 (13,887) AFS securities – related parties Corporate 548 (35) 382 (37) 930 (72) CLO 397 (16) 2,592 (102) 2,989 (118) ABS 2,008 (66) 2,793 (225) 4,801 (291) Total AFS securities – related parties 2,953 (117) 5,767 (364) 8,720 (481) Total AFS securities including related parties $ 17,675 $ (801) $ 79,813 $ (13,567) $ 97,488 $ (14,368)
Net Investment Income	Net Investment Income —Net investment income by asset class consists of the following: Three months ended March 31, (In millions) 2024 2023 AFS securities $ 2,137 $ 1,469 Trading securities 41 42 Equity securities 17 15 Mortgage loans 814 447 Investment funds 11 43 Funds withheld at interest 363 429 Other 212 190 Investment revenue 3,595 2,635 Investment expenses (303) (228) Net investment income $ 3,292 $ 2,407
Investment Related Gains (Losses)	Investment Related Gains (Losses) —Investment related gains (losses) by asset class consists of the following: Three months ended March 31, (In millions) 2024 2023 AFS securities 1 Gross realized gains on investment activity $ 67 $ 183 Gross realized losses on investment activity (347) (104) Net realized investment gains (losses) on AFS securities (280) 79 Net recognized investment gains (losses) on trading securities (65) 64 Net recognized investment gains (losses) on equity securities 39 (18) Net recognized investment gains (losses) on mortgage loans (358) 277 Derivative gains 1,431 993 Provision for credit losses (10) (66) Other gains (losses) 920 (264) Investment related gains (losses) $ 1,677 $ 1,065 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. The following table summarizes the change in unrealized gains (losses) on trading and equity securities, including related parties, we held as of the respective period end: Three months ended March 31, (In millions) 2024 2023 Trading securities $ (20) $ 66 Trading securities – related parties — 6 Equity securities 41 (23) Equity securities – related parties (3) 3
Mortgage Loans, Net	Mortgage loans include both commercial and residential loans. W e have elected the fair value option on our mortgage loan portfolio. See Note 5 – Fair Value for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: (In millions) March 31, 2024 December 31, 2023 Commercial mortgage loans $ 30,512 $ 27,630 Commercial mortgage loans under development 1,187 1,228 Total commercial mortgage loans 31,699 28,858 Mark to fair value (3,165) (2,246) Commercial mortgage loans 28,534 26,612 Residential mortgage loans 24,058 21,894 Mark to fair value (975) (937) Residential mortgage loans 23,083 20,957 Mortgage loans $ 51,617 $ 47,569 The distribution of commercial mortgage loans, including those under development, by property type and geographic region, is as follows: March 31, 2024 December 31, 2023 (In millions, except percentages) Fair Value Percentage of Total Fair Value Percentage of Total Property type Apartment $ 10,565 37.0 % $ 9,591 36.0 % Office building 4,339 15.2 % 4,455 16.7 % Industrial 4,497 15.8 % 4,143 15.6 % Hotels 3,113 10.9 % 2,913 11.0 % Retail 2,215 7.8 % 2,158 8.1 % Other commercial 3,805 13.3 % 3,352 12.6 % Total commercial mortgage loans $ 28,534 100.0 % $ 26,612 100.0 % US region East North Central $ 1,639 5.7 % $ 1,517 5.7 % East South Central 514 1.8 % 523 2.0 % Middle Atlantic 7,528 26.4 % 7,147 26.9 % Mountain 1,161 4.1 % 1,196 4.5 % New England 1,363 4.8 % 1,295 4.9 % Pacific 5,516 19.3 % 4,860 18.3 % South Atlantic 4,650 16.4 % 4,583 17.2 % West North Central 242 0.8 % 249 0.9 % West South Central 1,429 5.0 % 1,228 4.6 % Total US region 24,042 84.3 % 22,598 85.0 % International region United Kingdom 2,540 8.9 % 2,343 8.7 % Other international 1 1,952 6.8 % 1,671 6.3 % Total international region 4,492 15.7 % 4,014 15.0 % Total commercial mortgage loans $ 28,534 100.0 % $ 26,612 100.0 % 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. Our residential mortgage loan portfolio primarily consists of first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table: March 31, 2024 December 31, 2023 US States California 27.1 % 27.6 % Florida 11.9 % 12.0 % Texas 6.4 % 6.1 % New York 5.8 % 5.9 % Other 1 39.1 % 39.4 % Total US residential mortgage loan percentage 90.3 % 91.0 % International United Kingdom 5.3 % 4.0 % Other 1 4.4 % 5.0 % Total international residential mortgage loan percentage 9.7 % 9.0 % Total residential mortgage loan percentage 100.0 % 100.0 % 1 Represents all other states or countries, with each individual state or country comprising less than 5% of the portfolio.
Investment Funds	The following summarizes our investment funds, including related parties and consolidated VIEs: March 31, 2024 December 31, 2023 (In millions, except percentages) Carrying value Percent of total Carrying value Percent of total Investment funds Equity $ 84 76.4 % $ 82 75.3 % Hybrid 19 17.2 % 20 18.3 % Other 7 6.4 % 7 6.4 % Total investment funds 110 100.0 % 109 100.0 % Investment funds – related parties Strategic origination platforms 47 2.9 % 47 2.9 % Insurance platforms 1,299 79.9 % 1,300 79.7 % Apollo and other fund investments Equity 249 15.3 % 254 15.6 % Yield 7 0.4 % 8 0.5 % Other 24 1.5 % 23 1.3 % Total investment funds – related parties 1,626 100.0 % 1,632 100.0 % Investment funds – consolidated VIEs Strategic origination platforms 5,854 34.8 % 5,594 35.1 % Insurance platforms 471 2.8 % 483 3.0 % Apollo and other fund investments Equity 3,591 21.4 % 3,409 21.4 % Hybrid 4,325 25.7 % 4,242 26.7 % Yield 1,462 8.7 % 1,356 8.5 % Other 1,113 6.6 % 843 5.3 % Total investment funds – consolidated VIEs 16,816 100.0 % 15,927 100.0 % Total investment funds including related parties and funds owned by consolidated VIEs $ 18,552 $ 17,668
Schedule of Variable Interest Entities	The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: March 31, 2024 December 31, 2023 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 110 $ 1,117 $ 109 $ 876 Investment in related parties – investment funds 1,626 2,404 1,632 2,377 Assets of consolidated VIEs – investment funds 16,816 23,053 15,927 22,240 Investment in fixed maturity securities 51,243 53,563 48,155 50,623 Investment in related parties – fixed maturity securities 15,804 18,245 13,495 15,608 Investment in related parties – equity securities 315 315 318 318 Total non-consolidated investments $ 85,914 $ 98,697 $ 79,636 $ 92,042 The following summarizes the income statement activity of the consolidated VIEs: Three months ended March 31, (In millions) 2024 2023 Trading securities $ 35 $ 23 Mortgage loans 30 24 Investment funds 21 35 Other (9) (2) Net investment income $ 77 $ 80 Net recognized investment gains on trading securities $ — $ 6 Net recognized investment gains (losses) on mortgage loans (26) 9 Net recognized investment gains on investment funds 364 226 Other losses (4) (40) Investment related gains (losses) $ 334 $ 201
Schedule of Repurchase Agreements	The following table summarizes the remaining contractual maturities of our repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated balance sheets: (In millions) March 31, 2024 December 31, 2023 Less than 30 days $ — $ 686 Greater than 1 year 2,666 3,167 Payables for repurchase agreements $ 2,666 $ 3,853 The following table summarizes the securities pledged as collateral for repurchase agreements: March 31, 2024 December 31, 2023 (In millions) Amortized Cost Fair Value Amortized Cost Fair Value AFS securities Foreign governments $ 138 $ 97 $ 137 $ 99 Corporate 1,859 1,577 2,735 2,307 CLO 578 580 580 579 ABS 610 545 1,207 1,086 Total securities pledged under repurchase agreements $ 3,185 $ 2,799 $ 4,659 $ 4,071
Schedules of Concentration of Risk, by Risk Factor	The following table represents our investment concentrations in excess of 10% of stockholders’ equity: (In millions) March 31, 2024 Atlas 1 $ 2,985 Wheels 1 1,595 AT&T Inc. 1,517 (In millions) December 31, 2023 Wheels 1 $ 1,591 AT&T Inc. 1,526 1 Related party amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See further discussion of these related parties in Note 11 – Related Parties.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
Derivative Instruments (Tables)	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amount and Fair Value of Derivative Instruments	The following table presents the notional amount and fair value of derivative instruments: March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (In millions) Assets Liabilities Assets Liabilities Derivatives designated as hedges Foreign currency hedges Swaps 10,780 $ 507 $ 184 9,034 $ 477 $ 230 Forwards 1,044 41 7 6,294 275 102 Interest rate swaps 5,364 1 637 4,468 — 521 Forwards on net investments 224 1 — 219 — 6 Interest rate swaps 18,004 17 154 10,031 29 95 Total derivatives designated as hedges 567 982 781 954 Derivatives not designated as hedges Equity options 77,831 5,423 106 73,881 3,809 102 Futures 40 104 — 35 72 — Foreign currency swaps 8,281 225 202 8,072 230 244 Interest rate swaps 3,496 83 28 3,499 81 9 Other swaps 2,674 13 1 2,588 39 1 Foreign currency forwards 38,354 744 1,110 28,236 286 685 Embedded derivatives Funds withheld including related parties (4,085) (34) (4,100) (64) Interest sensitive contract liabilities — 10,908 — 9,059 Total derivatives not designated as hedges 2,507 12,321 417 10,036 Total derivatives $ 3,074 $ 13,303 $ 1,198 $ 10,990
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities: March 31, 2024 December 31, 2023 (In millions) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) Carrying amount of the hedged assets or liabilities 1 Cumulative amount of fair value hedging gains (losses) AFS securities Foreign currency forwards $ 6,149 $ (146) $ 4,883 $ (15) Foreign currency swaps 6,769 (328) 6,820 (141) Interest sensitive contract liabilities Foreign currency swaps 1,945 63 1,438 19 Foreign currency interest rate swaps 4,796 479 4,010 363 Interest rate swaps 13,612 264 6,910 189 1 The carrying amount disclosed for AFS securities is amortized cost. The following is a summary of the gains (losses) related to the derivatives and related hedged items in fair value hedge relationships: Amounts excluded (In millions) Derivatives Hedged items Net Recognized in income through amortization approach Recognized in income through changes in fair value Three months ended March 31, 2024 Investment related gains (losses) Foreign currency forwards $ 136 $ (132) $ 4 $ 18 $ 9 Foreign currency swaps 112 (114) (2) — — Foreign currency interest rate swaps (116) 117 1 — — Interest rate swaps (106) 75 (31) — — Interest sensitive contract benefits Foreign currency interest rate swaps 16 (16) — — — Three months ended March 31, 2023 Investment related gains (losses) Foreign currency forwards $ (70) $ 73 $ 3 $ 87 $ 4 Foreign currency swaps (59) 64 5 — — Foreign currency interest rate swaps 78 (70) 8 — — Interest rate swaps 102 (104) (2) — — Interest sensitive contract benefits Foreign currency interest rate swaps 15 (15) — — — The following is a summary of the gains (losses) excluded from the assessment of hedge effectiveness that were recognized in OCI : Three months ended March 31, (In millions) 2024 2023 Foreign currency forwards $ (17) $ 63 Foreign currency swaps (38) 114
Gains (Losses) Related to Derivatives Not Designated as Hedges	The following is a summary of the gains (losses) related to derivatives not designated as hedges: Three months ended March 31, (In millions) 2024 2023 Equity options $ 1,597 $ 350 Futures 127 34 Swaps 39 33 Foreign currency forwards (310) (169) Embedded derivatives on funds withheld (75) 603 Amounts recognized in investment related gains (losses) 1,378 851 Embedded derivatives in indexed annuity products 1 (1,177) (473) Total gains (losses) on derivatives not designated as hedges $ 201 $ 378 1 Included in interest sensitive contract benefits on the condensed consolidated statements of income.
Estimated Fair Value of Net Derivative and Other Financial Assets	The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2024 Derivative assets $ 7,159 $ (1,704) $ (5,479) $ (24) $ 1 $ (23) Derivative liabilities (2,429) 1,704 1,188 463 — 463 December 31, 2023 Derivative assets $ 5,298 $ (1,497) $ (3,676) $ 125 $ — $ 125 Derivative liabilities (1,995) 1,497 848 350 — 350 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.
Estimated Fair Value of Net Derivative and Other Financial Liabilities	The estimated fair value of our net derivative and other financial assets and liabilities after the application of master netting agreements and collateral were as follows: Gross amounts not offset on the condensed consolidated balance sheets (In millions) Gross amount recognized 1 Financial instruments 2 Collateral (received)/pledged Net amount Off-balance sheet securities collateral 3 Net amount after securities collateral March 31, 2024 Derivative assets $ 7,159 $ (1,704) $ (5,479) $ (24) $ 1 $ (23) Derivative liabilities (2,429) 1,704 1,188 463 — 463 December 31, 2023 Derivative assets $ 5,298 $ (1,497) $ (3,676) $ 125 $ — $ 125 Derivative liabilities (1,995) 1,497 848 350 — 350 1 The gross amounts of recognized derivative assets and derivative liabilities are reported on the condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, amounts not subject to master netting or similar agreements were immaterial. 2 Represents amounts offsetting derivative assets and derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or gross derivative liabilities for presentation on the condensed consolidated balance sheets. 3 For non-cash collateral received, we do not recognize the collateral on our balance sheet unless the obligor (transferor) has defaulted under the terms of the secured contract and is no longer entitled to redeem the pledged asset. Amounts do not include any excess of collateral pledged or received.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
Variable Interest Entities (Tables)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments: March 31, 2024 December 31, 2023 (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment funds $ 110 $ 1,117 $ 109 $ 876 Investment in related parties – investment funds 1,626 2,404 1,632 2,377 Assets of consolidated VIEs – investment funds 16,816 23,053 15,927 22,240 Investment in fixed maturity securities 51,243 53,563 48,155 50,623 Investment in related parties – fixed maturity securities 15,804 18,245 13,495 15,608 Investment in related parties – equity securities 315 315 318 318 Total non-consolidated investments $ 85,914 $ 98,697 $ 79,636 $ 92,042 The following summarizes the income statement activity of the consolidated VIEs: Three months ended March 31, (In millions) 2024 2023 Trading securities $ 35 $ 23 Mortgage loans 30 24 Investment funds 21 35 Other (9) (2) Net investment income $ 77 $ 80 Net recognized investment gains on trading securities $ — $ 6 Net recognized investment gains (losses) on mortgage loans (26) 9 Net recognized investment gains on investment funds 364 226 Other losses (4) (40) Investment related gains (losses) $ 334 $ 201

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: March 31, 2024 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 5,803 $ — $ 5,796 $ 7 $ — US state, municipal and political subdivisions 1,031 — — 1,031 — Foreign governments 1,784 — 809 935 40 Corporate 83,424 — 11 80,035 3,378 CLO 22,398 — — 22,398 — ABS 13,870 — — 6,705 7,165 CMBS 6,936 — — 6,915 21 RMBS 7,627 — — 7,362 265 Total AFS securities 142,873 — 6,616 125,388 10,869 Trading securities 1,685 — 23 1,622 40 Equity securities 1,293 — 212 1,054 27 Mortgage loans 48,207 — — — 48,207 Funds withheld at interest – embedded derivative (3,362) — — — (3,362) Derivative assets 7,159 — 127 7,031 1 Short-term investments 340 — 70 169 101 Other investments 1,113 — — 362 751 Cash and cash equivalents 15,250 — 15,250 — — Restricted cash 1,575 — 1,575 — — Investments in related parties AFS securities Corporate 1,355 — — 180 1,175 CLO 4,446 — — 3,926 520 ABS 10,577 — — 534 10,043 Total AFS securities – related parties 16,378 — — 4,640 11,738 Trading securities 781 — — — 781 Equity securities 315 — 66 — 249 Mortgage loans 1,263 — — — 1,263 Investment funds 1,067 — — — 1,067 Funds withheld at interest – embedded derivative (723) — — — (723) Other investments 336 — — — 336 Reinsurance recoverable 1,468 — — — 1,468 Other assets 383 — — — 383 Assets of consolidated VIEs Trading securities 2,034 — — 264 1,770 Mortgage loans 2,147 — — — 2,147 Investment funds 16,816 15,865 — — 951 Other investments 121 — 4 2 115 Cash and cash equivalents 93 — 93 — — Total assets measured at fair value $ 258,612 $ 15,865 $ 24,036 $ 140,532 $ 78,179 Liabilities Interest sensitive contract liabilities Embedded derivative $ 10,908 $ — $ — $ — $ 10,908 Universal life benefits 788 — — — 788 Future policy benefits AmerUs Life Insurance Company (AmerUs) Closed Block 1,151 — — — 1,151 Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits 553 — — — 553 Market risk benefits 3,723 — — — 3,723 Derivative liabilities 2,429 — 17 2,411 1 Other liabilities 229 — — — 229 Total liabilities measured at fair value $ 19,781 $ — $ 17 $ 2,411 $ 17,353 December 31, 2023 (In millions) Total NAV Level 1 Level 2 Level 3 Assets AFS securities US government and agencies $ 5,399 $ — $ 5,392 $ 7 $ — US state, municipal and political subdivisions 1,046 — — 1,046 — Foreign governments 1,899 — 895 964 40 Corporate 78,246 — 10 75,711 2,525 CLO 20,207 — — 20,207 — ABS 13,383 — — 6,440 6,943 CMBS 6,591 — — 6,570 21 RMBS 7,567 — — 7,302 265 Total AFS securities 134,338 — 6,297 118,247 9,794 Trading securities 1,706 — 24 1,654 28 Equity securities 935 — 210 699 26 Mortgage loans 44,115 — — — 44,115 Funds withheld at interest – embedded derivative (3,379) — — — (3,379) Derivative assets 5,298 — 108 5,190 — Short-term investments 341 — — 236 105 Other investments 943 — — 313 630 Cash and cash equivalents 13,020 — 13,020 — — Restricted cash 1,761 — 1,761 — — Investments in related parties AFS securities Corporate 1,352 — — 181 1,171 CLO 4,268 — — 3,762 506 ABS 8,389 — — 563 7,826 Total AFS securities – related parties 14,009 — — 4,506 9,503 Trading securities 838 — — — 838 Equity securities 318 — 63 — 255 Mortgage loans 1,281 — — — 1,281 Investment funds 1,082 — — — 1,082 Funds withheld at interest – embedded derivative (721) — — — (721) Other investments 343 — — — 343 Reinsurance recoverable 1,367 — — — 1,367 Other assets 378 — — — 378 Assets of consolidated VIEs Trading securities 2,136 — — 284 1,852 Mortgage loans 2,173 — — — 2,173 Investment funds 15,927 14,950 — — 977 Other investments 103 — — 2 101 Cash and cash equivalents 98 — 98 — — Total assets measured at fair value $ 238,410 $ 14,950 $ 21,581 $ 131,131 $ 70,748 Liabilities Interest sensitive contract liabilities Embedded derivative $ 9,059 $ — $ — $ — $ 9,059 Universal life benefits 834 — — — 834 Future policy benefits AmerUs Closed Block 1,178 — — — 1,178 ILICO Closed Block and life benefits 522 — — — 522 Market risk benefits 3,751 — — — 3,751 Derivative liabilities 1,995 — 17 1,977 1 Other liabilities 266 — — (64) 330 Total liabilities measured at fair value $ 17,605 $ — $ 17 $ 1,913 $ 15,675
Summary of Fair Value Option	The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs: Three months ended March 31, (In millions) 2024 2023 Trading securities $ (60) $ 64 Mortgage loans (400) 296 Investment funds (24) 64 Future policy benefits 27 (26) Other 15 (47) Total gains (losses) $ (442) $ 351 The following summarizes information for fair value option mortgage loans, including related parties and consolidated VIEs: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance $ 55,757 $ 50,752 Mark to fair value (4,140) (3,183) Fair value $ 51,617 $ 47,569 The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 571 $ 221 Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status (211) (74) Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status $ 360 $ 147 Fair value of commercial mortgage loans 90 days or more past due $ 183 $ 64 Fair value of commercial mortgage loans in non-accrual status 360 147 The following represents our residential loan portfolio 90 days or more past due and/or in non-accrual status: (In millions) March 31, 2024 December 31, 2023 Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 606 $ 528 Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status (39) (49) Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status $ 567 $ 479 Fair value of residential mortgage loans 90 days or more past due 1 $ 567 $ 479 Fair value of residential mortgage loans in non-accrual status 460 355 1 As of March 31, 2024 and December 31, 2023 includes $107 million and $124 million, respectively, of residential mortgage loans that are guaranteed by US government-sponsored agencies. The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio: Three months ended March 31, (In millions) 2024 2023 Mortgage loans $ (33) $ (3)
Reconciliation of Level 3 Assets Measured on a Recurring Basis	The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis. Transfers in and out of Level 3 are primarily based on changes in the availability of pricing sources, as described in the valuation methods above. Three months ended March 31, 2024 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 40 $ — $ — $ — $ — 40 $ — $ — Corporate 2,525 (2) 2 844 9 3,378 (1) 1 ABS 6,943 2 13 125 82 7,165 (2) 11 CMBS 21 — — — — 21 — 1 RMBS 265 1 — (1) — 265 — — Trading securities 28 — — (2) 14 40 — — Equity securities 26 — — 1 — 27 1 — Mortgage loans 44,115 (341) — 4,433 — 48,207 (341) — Funds withheld at interest – embedded derivative (3,379) 17 — — — (3,362) — — Derivative assets — — — — 1 1 — — Short-term investments 105 — — (4) — 101 — — Other investments 630 (3) — 124 — 751 (3) — Investments in related parties AFS securities Corporate 1,171 1 (1) 4 — 1,175 — (1) CLO 506 — 14 — — 520 — 14 ABS 7,826 1 (14) 2,230 — 10,043 (4) (17) Trading securities 838 — — (57) — 781 — — Equity securities 255 (6) — — — 249 (6) — Mortgage loans 1,281 (17) — (1) — 1,263 (17) — Investment funds 1,082 (15) — — — 1,067 (15) — Funds withheld at interest – embedded derivative (721) (2) — — — (723) — — Other investments 343 (7) — — — 336 (7) — Reinsurance recoverable 1,367 (8) — 109 — 1,468 — — Assets of consolidated VIEs Trading securities 1,852 (33) — (55) 6 1,770 (33) — Mortgage loans 2,173 (42) — 16 — 2,147 (42) — Investment funds 977 (27) — 1 — 951 (27) — Other investments 101 (2) — 16 — 115 (2) — Total Level 3 assets $ 70,370 $ (483) $ 14 $ 7,783 $ 112 $ 77,796 $ (499) $ 9 Liabilities Interest sensitive contract liabilities Embedded derivative $ (9,059) $ (1,177) $ — $ (672) $ — $ (10,908) $ — $ — Universal life benefits (834) 46 — — — (788) — — Future policy benefits AmerUs Closed Block (1,178) 27 — — — (1,151) — — ILICO Closed Block and life benefits (522) (31) — — — (553) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (330) (10) — 47 64 (229) — — Total Level 3 liabilities $ (11,924) $ (1,145) $ — $ (625) $ 64 $ (13,630) $ — $ — 1 Related to instruments held at end of period. Three months ended March 31, 2023 Total realized and unrealized gains (losses) (In millions) Beginning balance Included in income Included in OCI Net purchases, issuances, sales and settlements Net transfers in (out) Ending balance Total gains (losses) included in earnings 1 Total gains (losses) included in OCI 1 Assets AFS securities Foreign governments $ 1 $ — $ — $ — $ — $ 1 $ — $ — Corporate 1,665 (1) 12 126 (180) 1,622 — 6 ABS 4,867 — (19) 155 (61) 4,942 — (16) RMBS 232 3 3 — — 238 — 3 Trading securities 53 2 — (4) (9) 42 1 — Equity securities 92 (8) — — (13) 71 (8) — Mortgage loans 27,454 251 — 2,244 — 29,949 251 — Funds withheld at interest – embedded derivative (4,847) 556 — — — (4,291) — — Short-term investments 36 — (2) (30) 26 30 — — Other investments 441 1 — (156) — 286 2 — Investments in related parties AFS securities Corporate 812 1 (7) 153 — 959 — (7) CLO 303 — 10 185 — 498 — 10 ABS 5,542 4 44 1,415 — 7,005 2 42 Trading securities 878 6 — 1 — 885 6 — Equity securities 279 4 — (32) — 251 3 — Mortgage loans 1,302 26 — (4) — 1,324 26 — Investment funds 959 43 — 32 — 1,034 43 — Funds withheld at interest – embedded derivative (1,425) 159 — — — (1,266) — — Other investments 303 (7) — 42 — 338 (7) — Reinsurance recoverable 1,388 82 — — — 1,470 — — Assets of consolidated VIEs Trading securities 622 12 — (2) 16 648 12 — Mortgage loans 2,055 19 — 45 — 2,119 19 — Investment funds 2,471 18 — (8) 100 2,581 18 — Other investments 99 — — (2) — 97 — — Total Level 3 assets $ 45,582 $ 1,171 $ 41 $ 4,160 $ (121) $ 50,833 $ 368 $ 38 Liabilities Interest sensitive contract liabilities Embedded derivative $ (5,841) $ (473) $ — $ (433) $ — $ (6,747) $ — $ — Universal life benefits (829) (50) — — — (879) — — Future policy benefits AmerUs Closed Block (1,164) (26) — — — (1,190) — — ILICO Closed Block and life benefits (548) (31) — — — (579) — — Derivative liabilities (1) — — — — (1) — — Other liabilities (142) (47) — — — (189) — — Total Level 3 liabilities $ (8,525) $ (627) $ — $ (433) $ — $ (9,585) $ — $ — 1 Related to instruments held at end of period.
Gross Components of Purchases, Sales, Issuances and Settlements, net	The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above: Three months ended March 31, 2024 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 922 $ — $ (2) $ (76) $ 844 $ 9 $ — $ 9 ABS 313 — — (188) 125 341 (259) 82 RMBS — — — (1) (1) — — — Trading securities — — — (2) (2) 14 — 14 Equity securities 2 — (1) — 1 — — — Mortgage loans 5,686 — (26) (1,227) 4,433 — — — Derivative assets — — — — — 1 — 1 Short-term investments 2 — (6) — (4) — — — Other investments 124 — — — 124 — — — Investments in related parties AFS securities Corporate 6 — — (2) 4 — — — ABS 2,693 — (200) (263) 2,230 — — — Trading securities 2 — — (59) (57) — — — Mortgage loans — — — (1) (1) — — — Reinsurance recoverable — 109 — — 109 — — — Assets of consolidated VIEs Trading securities — — (55) — (55) 6 — 6 Mortgage loans 32 — — (16) 16 — — — Investment funds 1 — — — 1 — — — Other investments 19 — (3) — 16 — — — Total Level 3 assets $ 9,802 $ 109 $ (293) $ (1,835) $ 7,783 $ 371 $ (259) $ 112 Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (898) $ — $ 226 $ (672) $ — $ — $ — Other liabilities — — — 47 47 64 — 64 Total Level 3 liabilities $ — $ (898) $ — $ 273 $ (625) $ 64 $ — $ 64 Three months ended March 31, 2023 (In millions) Purchases Issuances Sales Settlements Net purchases, issuances, sales and settlements Transfers in Transfers out Net transfers in (out) Assets AFS securities Corporate $ 208 $ — $ — $ (82) $ 126 $ 29 $ (209) $ (180) ABS 298 — — (143) 155 215 (276) (61) RMBS 1 — — (1) — — — — Trading securities — — — (4) (4) 5 (14) (9) Equity securities — — — — — — (13) (13) Mortgage loans 2,882 — (32) (606) 2,244 — — — Short-term investments — — — (30) (30) 26 — 26 Other investments 2 — — (158) (156) — — — Investments in related parties AFS securities Corporate 156 — — (3) 153 — — — CLO 185 — — — 185 — — — ABS 1,634 — — (219) 1,415 — — — Trading securities 2 — — (1) 1 — — — Equity securities — — — (32) (32) — — — Mortgage loans — — — (4) (4) — — — Investment funds 32 — — — 32 — — — Other investments 42 — — — 42 — — — Assets of consolidated VIEs Trading securities 10 — (12) — (2) 19 (3) 16 Mortgage loans 46 — — (1) 45 — — — Investment funds — — (8) — (8) 148 (48) 100 Other investments 5 — (7) — (2) — — — Total Level 3 assets $ 5,503 $ — $ (59) $ (1,284) $ 4,160 $ 442 $ (563) $ (121) Liabilities Interest sensitive contract liabilities – embedded derivative $ — $ (577) $ — $ 144 $ (433) $ — $ — $ — Total Level 3 liabilities $ — $ (577) $ — $ 144 $ (433) $ — $ — $ —
Summary of the Unobservable Inputs for the Embedded Derivative of Fixed Indexed Annuities	The following summarizes the unobservable inputs for AFS, trading and equity securities, mortgage loans, investment funds and the embedded derivatives of fixed indexed annuities, including those of consolidated VIEs: March 31, 2024 (In millions, except percentages and multiples) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS, trading and equity securities $ 16,547 Discounted cash flow Discount rate 1.7 % 18.2 % 7.0 % 1 Decrease Mortgage loans 51,617 Discounted cash flow Discount rate 1.8 % 26.0 % 7.0 % 1 Decrease Investment funds 1,545 Discounted cash flow Discount rate 6.3 % 13.5 % 11.3 % 1 Decrease 471 Net tangible asset values Implied multiple 1.24x 1.24x 1.24x Increase Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 10,908 Discounted cash flow Nonperformance risk 0.4 % 1.2 % 0.8 % 2 Decrease Option budget 0.5 % 6.0 % 2.5 % 3 Increase Surrender rate 5.9 % 14.0 % 8.7 % 3 Decrease December 31, 2023 (In millions, except percentages and multiples) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS, trading and equity securities $ 14,247 Discounted cash flow Discount rate 2.3 % 18.1 % 7.0 % 1 Decrease Mortgage loans 47,569 Discounted cash flow Discount rate 2.5 % 20.6 % 6.8 % 1 Decrease Investment funds 1,574 Discounted cash flow Discount rate 6.3 % 13.5 % 11.2 % 1 Decrease 483 Net tangible asset values Implied multiple 1.14x 1.14x 1.14x Increase Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 9,059 Discounted cash flow Nonperformance risk 0.4 % 1.4 % 0.9 % 2 Decrease Option budget 0.5 % 6.0 % 2.3 % 3 Increase Surrender rate 6.0 % 13.4 % 8.7 % 3 Decrease 1 The discount rate weighted average is calculated based on the relative fair values of the securities or loans. 2 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 3 The option budget and surrender rate weighted averages are calculated based on projected account values. The following summarizes the unobservable inputs for market risk benefits: March 31, 2024 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 3,340 Discounted cash flow Nonperformance risk 0.4 % 1.2 % 1.1 % 1 Decrease Option budget 0.5 % 6.0 % 2.0 % 2 Decrease Surrender rate 3.1 % 6.6 % 4.4 % 2 Decrease Utilization rate 28.6 % 95.0 % 84.1 % 3 Increase March 31, 2023 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 2,763 Discounted cash flow Nonperformance risk 0.3 % 1.7 % 1.6 % 1 Decrease Option budget 0.5 % 5.6 % 1.7 % 2 Decrease Surrender rate 3.3 % 6.9 % 4.5 % 2 Decrease Utilization rate 28.6 % 95.0 % 82.7 % 3 Increase 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. 2 The option budget and surrender rate weighted averages are calculated based on projected account values. 3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.
Summary of Financial Instruments Not Carried at Fair Value on the Balance Sheet	The following represents our financial instruments not carried at fair value on the condensed consolidated balance sheets: March 31, 2024 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 110 $ 110 $ 110 $ — $ — $ — Policy loans 330 330 — — 330 — Funds withheld at interest 26,592 26,592 — — — 26,592 Other investments 35 42 — — — 42 Investments in related parties Investment funds 559 559 559 — — — Funds withheld at interest 6,751 6,751 — — — 6,751 Short-term investments 556 556 — — 556 — Total financial assets not carried at fair value $ 34,933 $ 34,940 $ 669 $ — $ 886 $ 33,385 Financial liabilities Interest sensitive contract liabilities $ 167,360 $ 158,042 $ — $ — $ — $ 158,042 Debt 5,740 5,249 — 587 4,662 — Securities to repurchase 2,666 2,666 — — 2,666 — Funds withheld liability 1,365 1,365 — — — 1,365 Total financial liabilities not carried at fair value $ 177,131 $ 167,322 $ — $ 587 $ 7,328 $ 159,407 December 31, 2023 (In millions) Carrying Value Fair Value NAV Level 1 Level 2 Level 3 Financial assets Investment funds $ 109 $ 109 $ 109 $ — $ — $ — Policy loans 334 334 — — 334 — Funds withheld at interest 27,738 27,738 — — — 27,738 Other investments 46 52 — — — 52 Investments in related parties Investment funds 550 550 550 — — — Funds withheld at interest 7,195 7,195 — — — 7,195 Short-term investments 947 947 — — 947 — Total financial assets not carried at fair value $ 36,919 $ 36,925 $ 659 $ — $ 1,281 $ 34,985 Financial liabilities Interest sensitive contract liabilities $ 154,095 $ 146,038 $ — $ — $ — $ 146,038 Debt 4,209 3,660 — — 3,660 — Securities to repurchase 3,853 3,853 — — 3,853 — Funds withheld liability 350 350 — — 350 — Total financial liabilities not carried at fair value $ 162,507 $ 153,901 $ — $ — $ 7,863 $ 146,038

Deferred Acquisition Costs, D_2

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Deferred Acquisition Costs	The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See Note 7 – Long-duration Contracts for more information on our products. Three months ended March 31, 2024 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2023 $ 890 $ 1,517 $ 10 $ 11 $ 970 $ 2,581 $ 5,979 Additions 147 294 18 — 177 — 636 Amortization (51) (39) (2) — (26) (89) (207) Balance at March 31, 2024 $ 986 $ 1,772 $ 26 $ 11 $ 1,121 $ 2,492 $ 6,408 Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836
Deferred Sales Inducements	The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See Note 7 – Long-duration Contracts for more information on our products. Three months ended March 31, 2024 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2023 $ 890 $ 1,517 $ 10 $ 11 $ 970 $ 2,581 $ 5,979 Additions 147 294 18 — 177 — 636 Amortization (51) (39) (2) — (26) (89) (207) Balance at March 31, 2024 $ 986 $ 1,772 $ 26 $ 11 $ 1,121 $ 2,492 $ 6,408 Three months ended March 31, 2023 DAC DSI VOBA Total DAC, DSI and VOBA (In millions) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Indexed annuities Balance at December 31, 2022 $ 304 $ 755 $ 11 $ 9 $ 399 $ 2,988 $ 4,466 Additions 171 203 — 1 133 — 508 Amortization (16) (18) (1) — (10) (93) (138) Balance at March 31, 2023 $ 459 $ 940 $ 10 $ 10 $ 522 $ 2,895 $ 4,836

Long-duration Contracts (Tables

Long-duration Contracts (Tables)	3 Months Ended
Long-duration Contracts (Tables)	Mar. 31, 2024
Insurance [Abstract]
Policyholder Account Balance	The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve. Three months ended March 31, 2024 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at December 31, 2023 $ 64,763 $ 93,147 $ 32,350 $ 7,629 $ 197,889 Deposits 7,165 4,814 8,542 485 21,006 Policy charges (1) (168) — — (169) Surrenders and withdrawals (1,328) (3,150) — (20) (4,498) Benefit payments (283) (433) (1,840) (57) (2,613) Interest credited 697 641 299 49 1,686 Foreign exchange (183) (3) (184) (314) (684) Other — — (78) (24) (102) Balance at March 31, 2024 $ 70,830 $ 94,848 $ 39,089 $ 7,748 $ 212,515 Weighted average crediting rate 4.1 % 2.4 % 4.0 % 2.7 % Net amount at risk $ 425 $ 14,995 $ — $ 88 Cash surrender value 66,597 86,747 — 6,542 Three months ended March 31, 2023 (In millions, except percentages) Traditional deferred annuities Indexed annuities Funding agreements Other investment-type Total Balance at December 31, 2022 $ 43,518 $ 92,660 $ 27,439 $ 4,722 $ 168,339 Deposits 6,700 2,929 1,500 1,033 12,162 Policy charges (1) (158) — — (159) Surrenders and withdrawals (1,818) (2,712) (70) (3) (4,603) Benefit payments (264) (422) (490) (90) (1,266) Interest credited 369 117 206 32 724 Foreign exchange — — 54 (16) 38 Other (54) — 143 (33) 56 Balance at March 31, 2023 $ 48,450 $ 92,414 $ 28,782 $ 5,645 $ 175,291 Weighted average crediting rate 3.4 % 2.3 % 2.7 % 2.9 % Net amount at risk $ 423 $ 13,903 $ — $ 66 Cash surrender value 45,994 84,047 — 2,710
Policyholder Account Balance and Liability for Unpaid Claims and Claims Adjustment Expense	The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated balance sheets: March 31, (In millions) 2024 2023 Traditional deferred annuities $ 70,830 $ 48,450 Indexed annuities 94,848 92,414 Funding agreements 39,089 28,782 Other investment-type 7,748 5,645 Reconciling items 1 7,719 5,809 Interest sensitive contract liabilities $ 220,234 $ 181,100 1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts. The following is a reconciliation of future policy benefits to the condensed consolidated balance sheets: March 31, (In millions) 2024 2023 Payout annuities with life contingencies $ 43,596 $ 36,752 Whole life 2,042 — Reconciling items 1 6,034 5,738 Future policy benefits $ 51,672 $ 42,490 1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums: March 31, 2024 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 29,717 $ 17,187 $ 110,134 $ 157,038 2.0% – < 4.0% 26,736 1,712 1,672 30,120 4.0% – < 6.0% 17,125 34 1 17,160 6.0% and greater 8,197 — — 8,197 Total $ 81,775 $ 18,933 $ 111,807 $ 212,515 March 31, 2023 (In millions) At guaranteed minimum 1 basis point – 100 basis points above guaranteed minimum Greater than 100 basis points above guaranteed minimum Total < 2.0% $ 25,571 $ 23,867 $ 80,468 $ 129,906 2.0% – < 4.0% 31,793 1,709 778 34,280 4.0% – < 6.0% 9,625 52 206 9,883 6.0% and greater 1,222 — — 1,222 Total $ 68,211 $ 25,628 $ 81,452 $ 175,291
Liability for Future Policy Benefit, Activity	The following is a rollforward by product within future policy benefits: Three months ended March 31, 2024 (In millions, except percentages and years) Payout annuities with life contingencies Whole life Total Present value of expected net premiums Beginning balance $ — $ 1,182 $ 1,182 Effect of changes in discount rate assumptions — (45) (45) Effect of foreign exchange on the change in discount rate assumptions — (2) (2) Beginning balance at original discount rate — 1,135 1,135 Interest accrual — 6 6 Net premium collected — (53) (53) Foreign exchange — (77) (77) Ending balance at original discount rate — 1,011 1,011 Effect of changes in discount rate assumptions — 43 43 Effect of foreign exchange on the change in discount rate assumptions — (1) (1) Ending balance $ — $ 1,053 $ 1,053 Present value of expected future policy benefits Beginning balance $ 45,001 $ 3,371 $ 48,372 Effect of changes in discount rate assumptions 6,233 (89) 6,144 Effect of foreign exchange on the change in discount rate assumptions 1 (6) (5) Beginning balance at original discount rate 51,235 3,276 54,511 Effect of actual to expected experience (4) (4) (8) Adjusted balance 51,231 3,272 54,503 Issuances 42 — 42 Interest accrual 453 18 471 Benefit payments (1,126) (19) (1,145) Foreign exchange (7) (225) (232) Ending balance at original discount rate 50,593 3,046 53,639 Effect of changes in discount rate assumptions (6,999) 50 (6,949) Effect of foreign exchange on the change in discount rate assumptions 2 (1) 1 Ending balance $ 43,596 $ 3,095 $ 46,691 Net future policy benefits $ 43,596 $ 2,042 $ 45,638 Weighted-average liability duration (in years) 9.5 32.7 Weighted-average interest accretion rate 3.7 % 4.8 % Weighted-average current discount rate 5.4 % 4.4 % Expected future gross premiums, undiscounted $ — $ 1,344 Expected future gross premiums, discounted 1 — 1,103 Expected future benefit payments, undiscounted 74,239 11,449 1 Discounted at the original discount rate. The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of income: Premiums Interest expense Three months ended March 31, Three months ended March 31, (In millions) 2024 2023 2024 2023 Payout annuities with life contingencies $ 38 $ 88 $ 453 $ 346 Whole life 55 — 12 — Reconciling items 1 8 8 — — Total $ 101 $ 96 $ 465 $ 346 1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability.
Additional Liability, Long-Duration Insurance	The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of income: Three months ended March 31, (In millions) 2024 2023 Reserves $ 8 $ 29 Deferred profit liability (20) (27) Negative VOBA — (4) Total remeasurement gains (losses) $ (12) $ (2)
Market Risk Benefit, Activity	The following is a rollfoward of net market risk benefit liabilities by product: Three months ended March 31, 2024 (In millions, except years) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2023 $ 192 $ 3,181 $ 3,373 Effect of changes in instrument-specific credit risk 2 (10) (8) Balance, beginning of period, before changes in instrument-specific credit risk 194 3,171 3,365 Issuances — 93 93 Interest accrual 3 47 50 Attributed fees collected 1 86 87 Benefit payments (2) (15) (17) Effect of changes in interest rates (8) (220) (228) Effect of changes in equity — (73) (73) Effect of actual policyholder behavior compared to expected behavior 2 25 27 Balance, end of period, before changes in instrument-specific credit risk 190 3,114 3,304 Effect of changes in instrument-specific credit risk (1) 37 36 Balance at March 31, 2024 $ 189 $ 3,151 $ 3,340 Less: Reinsurance recoverable — (10) (10) Balance at March 31, 2024, net of reinsurance $ 189 $ 3,141 $ 3,330 Net amount at risk $ 425 $ 14,995 Weighted-average attained age of contract holders (in years) 76 69 Three months ended March 31, 2023 (In millions, except years) Traditional deferred annuities Indexed annuities Total Balance at December 31, 2022 $ 170 $ 2,319 $ 2,489 Effect of changes in instrument-specific credit risk 13 353 366 Balance, beginning of period, before changes in instrument specific credit risk 183 2,672 2,855 Issuances — 17 17 Interest accrual 2 32 34 Attributed fees collected 1 84 85 Benefit payments — (6) (6) Effect of changes in interest rates 8 218 226 Effect of changes in equity — (18) (18) Effect of actual policyholder behavior compared to expected behavior 2 23 25 Balance, end of period, before changes in instrument-specific credit risk 196 3,022 3,218 Effect of changes in instrument-specific credit risk (16) (439) (455) Balance at March 31, 2023 $ 180 $ 2,583 $ 2,763 Net amount at risk $ 423 $ 13,903 Weighted-average attained age of contract holders (in years) 75 69 The following is a reconciliation of market risk benefits to the condensed consolidated balance sheets. Market risk benefit assets are included in other assets on the condensed consolidated balance sheets. March 31, 2024 March 31, 2023 (In millions) Asset Liability Net liability Asset Liability Net liability Traditional deferred annuities $ — $ 189 $ 189 $ — $ 180 $ 180 Indexed annuities 383 3,534 3,151 440 3,023 2,583 Total $ 383 $ 3,723 $ 3,340 $ 440 $ 3,203 $ 2,763
Summary of the Unobservable Inputs for the Embedded Derivative of Fixed Indexed Annuities	The following summarizes the unobservable inputs for AFS, trading and equity securities, mortgage loans, investment funds and the embedded derivatives of fixed indexed annuities, including those of consolidated VIEs: March 31, 2024 (In millions, except percentages and multiples) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS, trading and equity securities $ 16,547 Discounted cash flow Discount rate 1.7 % 18.2 % 7.0 % 1 Decrease Mortgage loans 51,617 Discounted cash flow Discount rate 1.8 % 26.0 % 7.0 % 1 Decrease Investment funds 1,545 Discounted cash flow Discount rate 6.3 % 13.5 % 11.3 % 1 Decrease 471 Net tangible asset values Implied multiple 1.24x 1.24x 1.24x Increase Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 10,908 Discounted cash flow Nonperformance risk 0.4 % 1.2 % 0.8 % 2 Decrease Option budget 0.5 % 6.0 % 2.5 % 3 Increase Surrender rate 5.9 % 14.0 % 8.7 % 3 Decrease December 31, 2023 (In millions, except percentages and multiples) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value AFS, trading and equity securities $ 14,247 Discounted cash flow Discount rate 2.3 % 18.1 % 7.0 % 1 Decrease Mortgage loans 47,569 Discounted cash flow Discount rate 2.5 % 20.6 % 6.8 % 1 Decrease Investment funds 1,574 Discounted cash flow Discount rate 6.3 % 13.5 % 11.2 % 1 Decrease 483 Net tangible asset values Implied multiple 1.14x 1.14x 1.14x Increase Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives 9,059 Discounted cash flow Nonperformance risk 0.4 % 1.4 % 0.9 % 2 Decrease Option budget 0.5 % 6.0 % 2.3 % 3 Increase Surrender rate 6.0 % 13.4 % 8.7 % 3 Decrease 1 The discount rate weighted average is calculated based on the relative fair values of the securities or loans. 2 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. 3 The option budget and surrender rate weighted averages are calculated based on projected account values. The following summarizes the unobservable inputs for market risk benefits: March 31, 2024 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 3,340 Discounted cash flow Nonperformance risk 0.4 % 1.2 % 1.1 % 1 Decrease Option budget 0.5 % 6.0 % 2.0 % 2 Decrease Surrender rate 3.1 % 6.6 % 4.4 % 2 Decrease Utilization rate 28.6 % 95.0 % 84.1 % 3 Increase March 31, 2023 (In millions, except for percentages) Fair value Valuation technique Unobservable inputs Minimum Maximum Weighted average Impact of an increase in the input on fair value Market risk benefits, net $ 2,763 Discounted cash flow Nonperformance risk 0.3 % 1.7 % 1.6 % 1 Decrease Option budget 0.5 % 5.6 % 1.7 % 2 Decrease Surrender rate 3.3 % 6.9 % 4.5 % 2 Decrease Utilization rate 28.6 % 95.0 % 82.7 % 3 Increase 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. 2 The option budget and surrender rate weighted averages are calculated based on projected account values. 3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following is a summary of our debt: Outstanding Balance (In millions, except percentages) Issue Date Maturity Date Principal Balance March 31, 2024 December 31, 2023 4.125% 2028 Senior Notes January 12, 2018 January 12, 2028 $ 1,000 $ 1,062 $ 1,066 6.150% 2030 Senior Notes April 3, 2020 April 3, 2030 500 589 593 3.500% 2031 Senior Notes October 8, 2020 January 15, 2031 500 522 523 6.650% 2033 Senior Notes November 21, 2022 February 1, 2033 400 395 395 5.875% 2034 Senior Notes December 12, 2023 January 15, 2034 600 584 583 3.950% 2051 Senior Notes May 25, 2021 May 25, 2051 500 545 545 3.450% 2052 Senior Notes December 13, 2021 May 15, 2052 500 504 504 6.250% 2054 Senior Notes March 22, 2024 April 1, 2054 1,000 982 — 7.250% 2064 Subordinated Notes March 7, 2024 March 30, 2064 575 557 — Total debt $ 5,575 $ 5,740 $ 4,209

Equity (Tables)

Equity (Tables)	3 Months Ended
Equity (Tables)	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income	The following provides the details and changes in AOCI: (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2023 $ (8,672) $ (289) $ (82) $ 3,458 $ 3 $ 13 $ (5,569) Other comprehensive income (loss) before reclassifications (545) (145) (58) 803 (28) (16) 11 Less: Reclassification adjustments for gains (losses) realized in net income 1 47 — 18 — — — 65 Less: Income tax expense (benefit) (117) (30) (16) 168 (6) (3) (4) Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax (188) — (13) 214 (2) (2) 9 Balance at March 31, 2024 $ (8,959) $ (404) $ (129) $ 3,879 $ (17) $ 2 $ (5,628) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income. (In millions) Unrealized investment gains (losses) on AFS securities without a credit allowance Unrealized investment gains (losses) on AFS securities with a credit allowance Unrealized gains (losses) on hedging instruments Remeasurement gains (losses) on future policy benefits related to discount rate Remeasurement gains (losses) on market risk benefits related to credit risk Foreign currency translation and other adjustments Accumulated other comprehensive income (loss) Balance at December 31, 2022 $ (12,565) $ (334) $ 47 $ 5,256 $ 285 $ (10) $ (7,321) Other comprehensive income (loss) before reclassifications 2,187 (119) 191 (802) 89 16 1,562 Less: Reclassification adjustments for gains (losses) realized in net income 1 (31) — 87 — — — 56 Less: Income tax expense (benefit) 312 14 15 (73) 18 4 290 Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax 220 — 27 (208) 1 3 43 Balance at March 31, 2023 $ (10,879) $ (467) $ 109 $ 4,735 $ 355 $ (1) $ (6,148) 1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.

Related Parties (Tables)

Related Parties (Tables)	3 Months Ended
Related Parties (Tables)	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes our investments in Athora: (In millions) March 31, 2024 December 31, 2023 Investment fund $ 1,067 $ 1,082 Non-redeemable preferred equity securities 244 249 Total investment in Athora $ 1,311 $ 1,331

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Restricted Pledged Assets and Funds in Trust	The total restricted assets included on the condensed consolidated balance sheets are as follows: (In millions) March 31, 2024 December 31, 2023 AFS securities $ 40,467 $ 32,458 Trading securities 142 139 Equity securities 146 80 Mortgage loans 16,482 14,257 Investment funds 419 409 Derivative assets 83 73 Short-term investments 45 153 Other investments 362 313 Restricted cash 1,575 1,761 Total restricted assets $ 59,721 $ 49,643

Investments - Schedule of AFS S

Investments - Schedule of AFS Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	$ 173,932	$ 162,016
AFS securities allowance for credit losses	(598)	(591)	$ (503)	$ (459)
Gross Unrealized Gains	1,356	1,709
Gross Unrealized Losses	(15,439)	(14,787)
Available-for-sale securities	159,251	148,347
Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	157,128	147,561
AFS securities allowance for credit losses	(597)	(590)	(502)	(458)
Gross Unrealized Gains	1,314	1,653
Gross Unrealized Losses	(14,972)	(14,286)
Available-for-sale securities	$ 142,873	$ 134,338
Carrying Amount, Assets, Percent of Total	100%	100%
Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	$ 16,804	$ 14,455
AFS securities allowance for credit losses	(1)	(1)
Gross Unrealized Gains	42	56
Gross Unrealized Losses	(467)	(501)
Available-for-sale securities	$ 16,378	$ 14,009
Carrying Amount, Assets, Percent of Total	100%	100%
U.S. government and agencies \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	$ 6,764	$ 6,161
AFS securities allowance for credit losses	0	0
Gross Unrealized Gains	41	67
Gross Unrealized Losses	(1,002)	(829)
Available-for-sale securities	5,803	5,399
US States and Political Subdivisions Debt Securities \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	1,283	1,296
AFS securities allowance for credit losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(252)	(250)
Available-for-sale securities	1,031	1,046
Foreign governments \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	2,086	2,083
AFS securities allowance for credit losses	0	0	(27)	(27)
Gross Unrealized Gains	6	71
Gross Unrealized Losses	(308)	(255)
Available-for-sale securities	1,784	1,899
Corporate \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	94,419	88,343
AFS securities allowance for credit losses	(127)	(129)	(79)	(61)
Gross Unrealized Gains	589	830
Gross Unrealized Losses	(11,457)	(10,798)
Available-for-sale securities	83,424	78,246
Corporate \| Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	1,428	1,423
AFS securities allowance for credit losses	0	0
Gross Unrealized Gains	3	1
Gross Unrealized Losses	(76)	(72)
Available-for-sale securities	1,355	1,352
CLO \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	22,590	20,506
AFS securities allowance for credit losses	(1)	(2)	(4)	(7)
Gross Unrealized Gains	268	261
Gross Unrealized Losses	(459)	(558)
Available-for-sale securities	22,398	20,207
CLO \| Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	4,506	4,367
AFS securities allowance for credit losses	0	0	(1)	(1)
Gross Unrealized Gains	18	21
Gross Unrealized Losses	(78)	(120)
Available-for-sale securities	4,446	4,268
ABS \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	14,379	13,942
AFS securities allowance for credit losses	(51)	(49)	(31)	(29)
Gross Unrealized Gains	118	120
Gross Unrealized Losses	(576)	(630)
Available-for-sale securities	13,870	13,383
ABS \| Related Party
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	10,870	8,665
AFS securities allowance for credit losses	(1)	(1)
Gross Unrealized Gains	21	34
Gross Unrealized Losses	(313)	(309)
Available-for-sale securities	10,577	8,389
CMBS \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	7,372	7,070
AFS securities allowance for credit losses	(31)	(29)	(5)	(5)
Gross Unrealized Gains	63	52
Gross Unrealized Losses	(468)	(502)
Available-for-sale securities	6,936	6,591
RMBS \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	8,235	8,160
AFS securities allowance for credit losses	(387)	(381)	$ (356)	$ (329)
Gross Unrealized Gains	229	252
Gross Unrealized Losses	(450)	(464)
Available-for-sale securities	$ 7,627	$ 7,567

Investments - Maturities of AFS

Investments - Maturities of AFS Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Amortized Cost	$ 173,932	$ 162,016
Fair Value
Total AFS fixed maturity securities	159,251	148,347
Consolidated Entity, excluding Affiliated Entity
Amortized Cost
Due in one year or less	2,294
Due after one year through five years	20,196
Due after five years through ten years	25,571
Due after ten years	56,491
CLO, ABS, CMBS and RMBS	52,576
Amortized Cost	157,128	147,561
Fair Value
Due in one year or less	2,256
Due after one year through five years	19,366
Due after five years through ten years	23,178
Due after ten years	47,242
CLO, ABS, CMBS and RMBS	50,831
Total AFS fixed maturity securities	142,873	134,338
Related Party
Amortized Cost
Due after one year through five years	911
Due after five years through ten years	122
Due after ten years	395
CLO, ABS, CMBS and RMBS	15,376
Amortized Cost	16,804	14,455
Fair Value
Due after one year through five years	898
Due after five years through ten years	114
Due after ten years	343
CLO, ABS, CMBS and RMBS	15,023
Total AFS fixed maturity securities	$ 16,378	$ 14,009

Investments - Unrealized Losses

Investments - Unrealized Losses on AFS Securities (Details) $ in Millions	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 26,929	$ 17,675
Fair Value, 12 months or greater	74,616	79,813
Total	101,545	97,488
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(965)	(801)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(13,858)	(13,567)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(14,823)	(14,368)
Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	22,174	14,722
Fair Value, 12 months or greater	69,523	74,046
Total	91,697	88,768
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(846)	(684)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(13,531)	(13,203)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (14,377)	(13,887)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions \| security	7,343
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions \| security	8,612
Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 4,755	2,953
Fair Value, 12 months or greater	5,093	5,767
Total	9,848	8,720
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(119)	(117)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(327)	(364)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (446)	(481)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions \| security	121
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions \| security	185
U.S. government and agencies \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 2,447	2,013
Fair Value, 12 months or greater	2,313	2,389
Total	4,760	4,402
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(189)	(94)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(813)	(735)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(1,002)	(829)
US States and Political Subdivisions Debt Securities \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	132	123
Fair Value, 12 months or greater	888	888
Total	1,020	1,011
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(6)	(5)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(246)	(245)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(252)	(250)
Foreign governments \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	986	690
Fair Value, 12 months or greater	735	760
Total	1,721	1,450
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(42)	(13)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(266)	(242)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(308)	(255)
Corporate \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	13,687	7,752
Fair Value, 12 months or greater	49,045	50,028
Total	62,732	57,780
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(532)	(474)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(10,903)	(10,311)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(11,435)	(10,785)
Corporate \| Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	241	548
Fair Value, 12 months or greater	384	382
Total	625	930
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(40)	(35)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(36)	(37)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(76)	(72)
CLO \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	1,966	689
Fair Value, 12 months or greater	8,909	11,579
Total	10,875	12,268
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(7)	(2)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(417)	(543)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(424)	(545)
CLO \| Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	399	397
Fair Value, 12 months or greater	2,223	2,592
Total	2,622	2,989
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(2)	(16)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(75)	(102)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(77)	(118)
ABS \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	1,798	2,129
Fair Value, 12 months or greater	4,307	4,378
Total	6,105	6,507
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(45)	(75)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(389)	(458)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(434)	(533)
ABS \| Related Party
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	4,115	2,008
Fair Value, 12 months or greater	2,486	2,793
Total	6,601	4,801
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(77)	(66)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(216)	(225)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(293)	(291)
CMBS \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	552	859
Fair Value, 12 months or greater	1,927	1,967
Total	2,479	2,826
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(11)	(12)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(363)	(406)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(374)	(418)
RMBS \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	606	467
Fair Value, 12 months or greater	1,399	2,057
Total	2,005	2,524
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(14)	(9)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(134)	(263)
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (148)	$ (272)

Investments - Allowance for Cre

Investments - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	$ 591	$ 459
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	14	26
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	28
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	(12)	(10)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	5	0
Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	590	458
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	14	26
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	28
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	(12)	(10)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	5	0
Related Party
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	1
Foreign governments \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	0	27
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded		0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase		0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold		0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)		0
Corporate \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	129	61
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	7	21
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	(8)	(6)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	(1)	3
Corporate \| Related Party
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	0
CLO \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	2	7
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	0	1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	(1)	(4)
CLO \| Related Party
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	0	1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded		0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase		0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold		0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)		0
ABS \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	49	29
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	2	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	0	2
ABS \| Related Party
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	0
CMBS \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	29	5
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	1	1
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	0	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	1	(1)
RMBS \| Consolidated Entity, excluding Affiliated Entity
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance	381	329
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded	4	3
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase	0	28
Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold	(4)	(4)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	$ 6	$ 0

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Net Investment Income [Line Items]
Investment revenue	$ 3,595	$ 2,635
Investment funds	18,552		$ 17,668
Investment expenses	(303)	(228)
Net investment income	3,292	2,407
Trading securities
Net Investment Income [Line Items]
Investment revenue	41	42
Equity securities
Net Investment Income [Line Items]
Investment revenue	17	15
Mortgage loans
Net Investment Income [Line Items]
Investment revenue	814	447
Investment funds
Net Investment Income [Line Items]
Investment expenses	11	43
Funds withheld at interest
Net Investment Income [Line Items]
Investment revenue	363	429
Other
Net Investment Income [Line Items]
Investment revenue	212	190
Available-for-sale Securities
Net Investment Income [Line Items]
Investment revenue	$ 2,137	$ 1,469

Investments - Investment Relate

Investments - Investment Related Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gain (Loss) on Securities [Line Items]
Gross realized gains on investment activity	$ 67	$ 183
Gross realized losses on investment activity	(347)	(104)
Net realized investment gains (losses) on AFS securities	(280)	79
Net recognized investment gains (losses) on trading securities	(65)	64
Net recognized investment gains (losses) on equity securities	39	(18)
Investment related gains (losses)	1,677	1,065
Derivative gains	1,431	993
Provision for Loan, Lease, and Other Losses	(10)	(66)
Other gains (losses)	920	(264)
Mortgage loans
Gain (Loss) on Securities [Line Items]
Investment related gains (losses)	$ (358)	$ 277

Investments - Unrealized gains

Investments - Unrealized gains (losses) recognized in income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gain (Loss) on Securities [Line Items]
Proceeds from Sale of Debt Securities, Available-for-sale	$ 3,718	$ 1,140
Consolidated Entity, excluding Affiliated Entity
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	(20)	66
Equity Securities, FV-NI, Unrealized Gain (Loss)	41	(23)
Related Party
Gain (Loss) on Securities [Line Items]
Debt Securities, Trading, Unrealized Gain (Loss)	0	6
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ (3)	$ 3

Investments - Mortgage Loans, N

Investments - Mortgage Loans, Net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loans and Leases Receivable Disclosure [Line Items]
Mortgage Loans	$ 51,617	$ 47,569
Mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mark to fair value	(4,140)	(3,183)
Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	28,534	26,612
Mark to fair value	(3,165)	(2,246)
Investment Owned, Balance, Principal Amount	31,699	28,858
Commercial mortgage loans \| Commercial mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Investment Owned, Balance, Principal Amount	30,512	27,630
Commercial mortgage loans \| Commercial mortgage loans under development
Loans and Leases Receivable Disclosure [Line Items]
Investment Owned, Balance, Principal Amount	1,187	1,228
Residential mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, before allowance for credit losses	24,058	21,894
Mortgage loans, net of allowances	23,083	20,957
Mark to fair value	$ (975)	$ (937)

Investments - Mortgage Loans,_2

Investments - Mortgage Loans, Net by Property Type and Geographic Region (Details) - Commercial mortgage loans - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 28,534	$ 26,612
Property Type Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	100%	100%
Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	100%	100%
Total U.S. Region
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 24,042	$ 22,598
Total U.S. Region \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	84.30%	85%
East North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,639	$ 1,517
East North Central \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	5.70%	5.70%
East South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 514	$ 523
East South Central \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	1.80%	2%
Middle Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 7,528	$ 7,147
Middle Atlantic \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	26.40%	26.90%
Mountain
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,161	$ 1,196
Mountain \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	4.10%	4.50%
New England
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,363	$ 1,295
New England \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	4.80%	4.90%
Pacific
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 5,516	$ 4,860
Pacific \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	19.30%	18.30%
South Atlantic
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 4,650	$ 4,583
South Atlantic \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	16.40%	17.20%
West North Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 242	$ 249
West North Central \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	0.80%	0.90%
West South Central
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,429	$ 1,228
West South Central \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	5%	4.60%
UNITED KINGDOM
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,540	$ 2,343
UNITED KINGDOM \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	8.90%	8.70%
Other
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 1,952	$ 1,671
Other \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	6.80%	6.30%
International
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 4,492	$ 4,014
International \| Geographic Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	15.70%	15%
Hotels
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 3,113	$ 2,913
Hotels \| Property Type Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	10.90%	11%
Retail
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 2,215	$ 2,158
Retail \| Property Type Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	7.80%	8.10%
Office building
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 4,339	$ 4,455
Office building \| Property Type Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	15.20%	16.70%
Industrial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 4,497	$ 4,143
Industrial \| Property Type Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	15.80%	15.60%
Apartment
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 10,565	$ 9,591
Apartment \| Property Type Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	37%	36%
Other commercial
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans, net of allowances	$ 3,805	$ 3,352
Other commercial \| Property Type Concentration Risk \| Mortgage Loans, Net
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	13.30%	12.60%

Investments - Mortgage Loans, R

Investments - Mortgage Loans, Residential by State (Details) - Geographic Concentration Risk - Residential mortgage loans - Mortgage Loans, Net	Mar. 31, 2024	Dec. 31, 2023
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	100%	100%
California
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	27.10%	27.60%
Florida
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	11.90%	12%
NEW YORK
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	5.80%	5.90%
Other U.S. States
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	39.10%	39.40%
Total U.S. Region
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	90.30%	91%
UNITED KINGDOM
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	5.30%	4%
Other
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	4.40%	5%
International
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	9.70%	9%
TEXAS
Loans and Leases Receivable Disclosure [Line Items]
Percentage concentration risk	6.40%	6.10%

Investments - Investment Funds

Investments - Investment Funds (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 18,552	$ 17,668
Consolidated Entity, excluding Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 110	$ 109
Carrying Amount, Assets, Percent of Total	100%	100%
Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 16,816	$ 15,927
Carrying Amount, Assets, Percent of Total	100%	100%
Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,626	$ 1,632
Carrying Amount, Assets, Percent of Total	100%	100%
Other fund \| Consolidated Entity, excluding Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 7	$ 7
Carrying Amount, Assets, Percent of Total	6.40%	6.40%
Other fund \| Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,113	$ 843
Carrying Amount, Assets, Percent of Total	6.60%	5.30%
Other fund \| Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 24	$ 23
Carrying Amount, Assets, Percent of Total	1.50%	1.30%
Hybrid Funds \| Consolidated Entity, excluding Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 19	$ 20
Carrying Amount, Assets, Percent of Total	17.20%	18.30%
Hybrid Funds \| Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 4,325	$ 4,242
Carrying Amount, Assets, Percent of Total	25.70%	26.70%
Yield Fund \| Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,462	$ 1,356
Carrying Amount, Assets, Percent of Total	8.70%	8.50%
Yield Fund \| Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 7	$ 8
Carrying Amount, Assets, Percent of Total	0.40%	0.50%
Strategic Origination Platforms \| Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 5,854	$ 5,594
Carrying Amount, Assets, Percent of Total	34.80%	35.10%
Strategic Origination Platforms \| Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 47	$ 47
Carrying Amount, Assets, Percent of Total	2.90%	2.90%
Insurance Platforms \| Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 471	$ 483
Carrying Amount, Assets, Percent of Total	2.80%	3%
Insurance Platforms \| Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 1,299	$ 1,300
Carrying Amount, Assets, Percent of Total	79.90%	79.70%
Equity Funds \| Consolidated Entity, excluding Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 84	$ 82
Carrying Amount, Assets, Percent of Total	76.40%	75.30%
Equity Funds \| Variable Interest Entities
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 3,591	$ 3,409
Carrying Amount, Assets, Percent of Total	21.40%	21.40%
Equity Funds \| Related Party
Schedule of Equity Method Investments [Line Items]
Investment funds	$ 249	$ 254
Carrying Amount, Assets, Percent of Total	15.30%	15.60%

Investments - Summary of Maximu

Investments - Summary of Maximum Loss Exposure (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets	$ 320,579	$ 300,579
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	98,697	92,042
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	85,914	79,636
Variable Interest Entity, Not Primary Beneficiary [Member] \| Investment funds
Variable Interest Entity [Line Items]
Assets	16,816	15,927
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	23,053	22,240
Variable Interest Entity, Not Primary Beneficiary, Consolidated Entity Exclude Affiliated \| Investment funds
Variable Interest Entity [Line Items]
Assets	110	109
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	1,117	876
Variable Interest Entity, Not Primary Beneficiary, Consolidated Entity Exclude Affiliated \| Fixed maturity securities
Variable Interest Entity [Line Items]
Assets	51,243	48,155
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	53,563	50,623
Variable Interest Entity, Not Primary Beneficiary, Affiliated Entity \| Investment funds
Variable Interest Entity [Line Items]
Assets	1,626	1,632
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	2,404	2,377
Variable Interest Entity, Not Primary Beneficiary, Affiliated Entity \| Fixed maturity securities
Variable Interest Entity [Line Items]
Assets	15,804	13,495
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	18,245	15,608
Variable Interest Entity, Not Primary Beneficiary, Affiliated Entity \| Equity securities
Variable Interest Entity [Line Items]
Assets	315	318
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 315	$ 318

Investments - Repurchase Agreem

Investments - Repurchase Agreements (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Repurchase Agreements [Line Items]
Payables for repurchase agreements	$ 2,666	$ 3,853
Amortized Cost	3,185	4,659
Fair Value	2,799	4,071
Less than 30 days
Schedule of Repurchase Agreements [Line Items]
Payables for repurchase agreements	0	686
Greater than 1 year
Schedule of Repurchase Agreements [Line Items]
Payables for repurchase agreements	2,666	3,167
Corporate
Schedule of Repurchase Agreements [Line Items]
Amortized Cost	1,859	2,735
Fair Value	1,577	2,307
Collateralized Loan Obligations
Schedule of Repurchase Agreements [Line Items]
Amortized Cost	578	580
Fair Value	580	579
Foreign governments
Schedule of Repurchase Agreements [Line Items]
Amortized Cost	138	137
Fair Value	97	99
ABS
Schedule of Repurchase Agreements [Line Items]
Amortized Cost	610	1,207
Fair Value	$ 545	$ 1,086

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Amounts loaned under reverse repurchase agreements	$ 556	$ 947
Fair value of collateral	$ 1,087	$ 1,504

Investments - Concentration of

Investments - Concentration of Equity (Details) - Stockholders' Equity, Total - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
AT&T Inc.
Concentration Risk [Line Items]
Investments	$ 1,517
Wheels
Concentration Risk [Line Items]
Investments	1,595	$ 1,591
Atlas
Concentration Risk [Line Items]
Investments	$ 2,985	$ 1,526

Derivative Instruments - Summar

Derivative Instruments - Summary of Notional and Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative [Line Items]
Derivative assets, fair value	$ 7,159		$ 5,298
Derivative liabilities, fair value	2,429		1,995
Total derivative liabilities	13,303		10,990
Derivative Asset, Including Embedded Derivatives	3,074		1,198
Derivatives designated as hedges
Derivative [Line Items]
Derivative assets, fair value	567		781
Derivative liabilities, fair value	$ 982		$ 954
Derivatives designated as hedges \| Foreign currency swaps
Derivative [Line Items]
Notional Amount	10,780		9,034
Derivative assets, fair value	$ 507		$ 477
Derivative liabilities, fair value	$ 184		$ 230
Derivatives designated as hedges \| Interest rate swaps
Derivative [Line Items]
Notional Amount	18,004		10,031
Derivative assets, fair value	$ 17		$ 29
Derivative liabilities, fair value	$ 154		$ 95
Derivatives designated as hedges \| Foreign currency forwards
Derivative [Line Items]
Notional Amount	1,044		6,294
Derivative assets, fair value	$ 41		$ 275
Derivative liabilities, fair value	$ 7		$ 102
Derivatives designated as hedges \| Cross Currency Interest Rate Contract
Derivative [Line Items]
Notional Amount	5,364		4,468
Derivative assets, fair value	$ 1		$ 0
Derivative liabilities, fair value	637		521
Derivatives not designated as hedges
Derivative [Line Items]
Total derivative liabilities	12,321		10,036
Derivative Asset, Including Embedded Derivatives	$ 2,507		$ 417
Derivatives not designated as hedges \| Foreign currency swaps
Derivative [Line Items]
Notional Amount	8,281		8,072
Derivative assets, fair value	$ 225		$ 230
Derivative liabilities, fair value	$ 202		$ 244
Derivatives not designated as hedges \| Interest rate swaps
Derivative [Line Items]
Notional Amount	3,496		3,499
Derivative assets, fair value	$ 83		$ 81
Derivative liabilities, fair value	$ 28		$ 9
Derivatives not designated as hedges \| Equity options
Derivative [Line Items]
Notional Amount	77,831		73,881
Derivative assets, fair value	$ 5,423		$ 3,809
Derivative liabilities, fair value	$ 106		$ 102
Derivatives not designated as hedges \| Futures
Derivative [Line Items]
Notional Amount	40		35
Derivative assets, fair value	$ 104		$ 72
Derivative liabilities, fair value	$ 0		$ 0
Derivatives not designated as hedges \| Foreign currency forwards
Derivative [Line Items]
Notional Amount	38,354		28,236
Derivative assets, fair value	$ 744		$ 286
Derivative liabilities, fair value	1,110		685
Derivatives not designated as hedges \| Embedded derivatives \| Funds withheld
Derivative [Line Items]
Embedded derivative assets, fair value	4,085		(4,100)
Embedded derivative liabilities, fair value	(34)		(64)
Derivatives not designated as hedges \| Embedded derivatives \| Interest Sensitive Contracts
Derivative [Line Items]
Embedded derivative assets, fair value	0		0
Embedded derivative liabilities, fair value	$ 10,908		$ 9,059
Derivatives not designated as hedges \| Other swaps
Derivative [Line Items]
Notional Amount	2,674		2,588
Derivative assets, fair value	$ 13		$ 39
Derivative liabilities, fair value	$ 1		$ 1
Net Investment Hedging \| Derivatives designated as hedges \| Foreign currency forwards
Derivative [Line Items]
Notional Amount	224		219
Derivative assets, fair value	$ 1		$ 0
Derivative liabilities, fair value	0		$ 6
Fair Value Hedging \| Derivatives designated as hedges \| Foreign currency swaps
Derivative [Line Items]
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net, Recorded in Other Comprehensive Income	(38)	$ 114
Fair Value Hedging \| Derivatives designated as hedges \| Foreign currency swaps \| Investment related gains (losses)
Derivative [Line Items]
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	112	(59)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(114)	64
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	(2)	5
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	0	0
Fair Value Hedging \| Derivatives designated as hedges \| Interest rate swaps \| Investment related gains (losses)
Derivative [Line Items]
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	(106)	102
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	75	(104)
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	(31)	(2)
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	0	0
Fair Value Hedging \| Derivatives designated as hedges \| Foreign currency forwards
Derivative [Line Items]
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net, Recorded in Other Comprehensive Income	(17)	63
Fair Value Hedging \| Derivatives designated as hedges \| Foreign currency forwards \| Investment related gains (losses)
Derivative [Line Items]
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	9	4
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	136	(70)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(132)	73
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	4	3
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	18	87
Fair Value Hedging \| Derivatives designated as hedges \| Cross Currency Interest Rate Contract \| Investment related gains (losses)
Derivative [Line Items]
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	(116)	78
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	117	(70)
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	1	8
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	0	0
Fair Value Hedging \| Derivatives designated as hedges \| Cross Currency Interest Rate Contract \| Interest sensitive contract benefits
Derivative [Line Items]
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	16	15
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(16)	(15)
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	$ 0	$ 0

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) on Derivatives Not Designated as Hedging (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	$ 201	$ 378
Investment related gains (losses)
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	1,378	851
Investment related gains (losses) \| Equity options
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	1,597	350
Investment related gains (losses) \| Futures
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	127	34
Investment related gains (losses) \| Swaps
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	39	33
Investment related gains (losses) \| Foreign currency forwards
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(310)	(169)
Investment related gains (losses) \| Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(75)	603
Interest sensitive contract benefits \| Embedded derivatives
Derivative [Line Items]
Total gains (losses) for derivatives not designated as hedges	(1,177)	(473)
Fair Value Hedging \| Derivatives designated as hedges \| Investment related gains (losses) \| Foreign currency swaps
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	112	(59)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(114)	64
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	(2)	5
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Fair Value Hedging \| Derivatives designated as hedges \| Investment related gains (losses) \| Interest rate swaps
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	(106)	102
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	75	(104)
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	(31)	(2)
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Fair Value Hedging \| Derivatives designated as hedges \| Investment related gains (losses) \| Foreign currency forwards
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	136	(70)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(132)	73
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	4	3
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	18	87
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	9	4
Fair Value Hedging \| Derivatives designated as hedges \| Investment related gains (losses) \| Cross Currency Interest Rate Contract
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	(116)	78
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	117	(70)
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	1	8
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Fair Value Hedging \| Derivatives designated as hedges \| Interest sensitive contract benefits \| Cross Currency Interest Rate Contract
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	16	15
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(16)	(15)
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	$ 0	$ 0

Derivative Instruments - Offset

Derivative Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative assets
Gross amount recognized	$ 7,159	$ 5,298
Financial instruments	(1,704)	(1,497)
Collateral (received)/pledged	(5,479)	(3,676)
Net amount	(24)	125
Off-balance sheet securities collateral	1	0
Net amount after securities collateral	(23)	125
Derivative liabilities
Gross amount recognized	(2,429)	(1,995)
Financial instruments	1,704	1,497
Collateral (received)/pledged	1,188	848
Net amount	463	350
Off-balance sheet securities collateral	0	0
Net amount after securities collateral	463	350
Derivatives designated as hedges
Derivative assets
Gross amount recognized	567	781
Derivative liabilities
Gross amount recognized	(982)	(954)
Foreign currency forwards \| Derivatives designated as hedges
Derivative assets
Gross amount recognized	41	275
Derivative liabilities
Gross amount recognized	(7)	(102)
Foreign currency swaps \| Derivatives designated as hedges
Derivative assets
Gross amount recognized	507	477
Derivative liabilities
Gross amount recognized	(184)	(230)
Cross Currency Interest Rate Contract \| Derivatives designated as hedges
Derivative assets
Gross amount recognized	1	0
Derivative liabilities
Gross amount recognized	(637)	(521)
Interest rate swaps \| Derivatives designated as hedges
Derivative assets
Gross amount recognized	17	29
Derivative liabilities
Gross amount recognized	(154)	(95)
Interest Sensitive Contracts \| Foreign currency swaps \| Fair Value Hedging \| Derivatives designated as hedges
Derivative [Line Items]
Derivative, Amount of Hedged Item	1,945	1,438
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	63	19
Interest Sensitive Contracts \| Cross Currency Interest Rate Contract \| Fair Value Hedging \| Derivatives designated as hedges
Derivative [Line Items]
Derivative, Amount of Hedged Item	4,796	4,010
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	479	363
Interest Sensitive Contracts \| Interest rate swaps \| Fair Value Hedging \| Derivatives designated as hedges
Derivative [Line Items]
Derivative, Amount of Hedged Item	13,612	6,910
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	264	189
Fixed maturity securities \| Foreign currency forwards \| Fair Value Hedging \| Derivatives designated as hedges
Derivative [Line Items]
Derivative, Amount of Hedged Item	6,149	4,883
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	(146)	(15)
Fixed maturity securities \| Foreign currency swaps \| Fair Value Hedging \| Derivatives designated as hedges
Derivative [Line Items]
Derivative, Amount of Hedged Item	6,769	6,820
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	$ (328)	$ (141)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	3 Months Ended
Derivative Instruments - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative [Line Items]
Other Comprehensive Income (Loss), before Tax	$ (54,000,000)	$ 1,506,000,000
Derivatives used in Net Investment Hedge, Net of Tax	29,000,000		$ 26,000,000
Amount of Ineffectiveness on Net Investment Hedges	0	0
Cash flow hedges \| Derivatives designated as hedges \| Foreign currency swaps
Derivative [Line Items]
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness	0	0
Cash flow hedges \| Derivatives designated as hedges \| Interest rate swaps
Derivative [Line Items]
Foreign currency swap gains (losses)	(21,000,000)	(73,000,000)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	0
Fair Value Hedging \| Derivatives designated as hedges \| Foreign currency swaps
Derivative [Line Items]
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net, Recorded in Other Comprehensive Income	(38,000,000)	114,000,000
Fair Value Hedging \| Derivatives designated as hedges \| Foreign currency swaps \| Investment related gains (losses)
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	112,000,000	(59,000,000)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(114,000,000)	64,000,000
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	(2,000,000)	5,000,000
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	0	0
Fair Value Hedging \| Derivatives designated as hedges \| Foreign currency swaps \| Interest Sensitive Contracts
Derivative [Line Items]
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	63,000,000		19,000,000
Fair Value Hedging \| Derivatives designated as hedges \| Interest rate swaps \| Investment related gains (losses)
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	(106,000,000)	102,000,000
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	75,000,000	(104,000,000)
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	(31,000,000)	(2,000,000)
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	0	0
Fair Value Hedging \| Derivatives designated as hedges \| Interest rate swaps \| Interest Sensitive Contracts
Derivative [Line Items]
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	264,000,000		189,000,000
Fair Value Hedging \| Derivatives designated as hedges \| Foreign currency forwards
Derivative [Line Items]
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net, Recorded in Other Comprehensive Income	(17,000,000)	63,000,000
Fair Value Hedging \| Derivatives designated as hedges \| Foreign currency forwards \| Investment related gains (losses)
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	136,000,000	(70,000,000)
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(132,000,000)	73,000,000
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	4,000,000	3,000,000
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	9,000,000	4,000,000
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	18,000,000	87,000,000
Fair Value Hedging \| Derivatives designated as hedges \| Net Investment Hedging
Derivative [Line Items]
Other Comprehensive Income (Loss), before Tax	3,000,000	(4,000,000)
Fair Value Hedging \| Derivatives designated as hedges \| Cross Currency Interest Rate Contract \| Investment related gains (losses)
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	(116,000,000)	78,000,000
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	117,000,000	(70,000,000)
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	1,000,000	8,000,000
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	0	0
Fair Value Hedging \| Derivatives designated as hedges \| Cross Currency Interest Rate Contract \| Interest sensitive contract benefits
Derivative [Line Items]
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	16,000,000	15,000,000
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(16,000,000)	(15,000,000)
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss)	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Amortization Approach	0	$ 0
Fair Value Hedging \| Derivatives designated as hedges \| Cross Currency Interest Rate Contract \| Interest Sensitive Contracts
Derivative [Line Items]
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	$ 479,000,000		$ 363,000,000

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Variable Interest Entity [Line Items]
Investment revenue	$ (3,595)	$ (2,635)
Net Investment Income	3,292	2,407
Investment related gains (losses)	1,677	1,065
Other gains (losses)	920	(264)
Mortgage loans
Variable Interest Entity [Line Items]
Investment related gains (losses)	(358)	277
Mortgage loans
Variable Interest Entity [Line Items]
Investment revenue	(814)	(447)
Investment funds
Variable Interest Entity [Line Items]
Investment expenses	11	43
Other
Variable Interest Entity [Line Items]
Investment revenue	(212)	(190)
Trading securities
Variable Interest Entity [Line Items]
Investment revenue	(41)	(42)
Equity securities
Variable Interest Entity [Line Items]
Investment revenue	(17)	(15)
Variable Interest Entities
Variable Interest Entity [Line Items]
Net Investment Income	77	80
Investment related gains (losses)	334	201
Other gains (losses)	(4)	(40)
Variable Interest Entities \| Mortgage loans
Variable Interest Entity [Line Items]
Investment related gains (losses)	(26)	9
Variable Interest Entities \| Investment funds
Variable Interest Entity [Line Items]
Investment related gains (losses)	364	226
Variable Interest Entities \| Mortgage loans
Variable Interest Entity [Line Items]
Investment revenue	(30)	(24)
Variable Interest Entities \| Investment funds
Variable Interest Entity [Line Items]
Investment expenses	21	35
Variable Interest Entities \| Other
Variable Interest Entity [Line Items]
Investment expenses	(9)	(2)
Variable Interest Entities \| Trading securities
Variable Interest Entity [Line Items]
Investment revenue	(35)	(23)
Investment related gains (losses)	$ 0	$ 6

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Assets
Available-for-sale securities	$ 159,251	$ 148,347
Investment funds	18,552	17,668
Derivative assets	7,159	5,298
Restricted cash	1,575	1,761
Reinsurance recoverable	5,183	4,154
Other assets (related party: 2024 – $226 and 2023 – $189)	10,185	10,179
Liabilities
Interest sensitive contract liabilities	220,234	204,670	$ 181,100
Future policy benefits	51,672	53,287	42,490
Market Risk Benefits	3,723	3,751	$ 3,203
Derivative liabilities	2,429	1,995
Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	142,873	134,338
Trading securities, at fair value	1,685	1,706
Mortgage loans	48,207	44,115
Investment funds	110	109
Funds withheld at interest	(23,230)	(24,359)
Derivative assets	7,159	5,298
Short-term investments	340	341
Other investments	1,371	1,206
Related Party
Assets
Available-for-sale securities	16,378	14,009
Trading securities, at fair value	781	838
Equity securities, at fair value	315	318
Mortgage loans	1,263	1,281
Investment funds	1,626	1,632
Funds withheld at interest	(6,028)	(6,474)
Short-term investments	556	947
Other investments	336	343
Reinsurance recoverable	1,125	0
Other assets (related party: 2024 – $226 and 2023 – $189)	226	189
Liabilities
Interest sensitive contract liabilities	8,099	8,599
Future policy benefits	14	9
Market Risk Benefits	224	227
Variable Interest Entities
Assets
Trading securities, at fair value	2,034	2,136
Mortgage loans	2,147	2,173
Investment funds	16,816	15,927
Other investments	121	103
Other assets (related party: 2024 – $226 and 2023 – $189)	132	110
U.S. government and agencies \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	5,803	5,399
US States and Political Subdivisions Debt Securities \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	1,031	1,046
Foreign governments \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	1,784	1,899
Corporate \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	83,424	78,246
Corporate \| Related Party
Assets
Available-for-sale securities	1,355	1,352
CLO \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	22,398	20,207
CLO \| Related Party
Assets
Available-for-sale securities	4,446	4,268
ABS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	13,870	13,383
ABS \| Related Party
Assets
Available-for-sale securities	10,577	8,389
CMBS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	6,936	6,591
RMBS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	7,627	7,567
Level 3
Assets
Mortgage loans	51,617	47,569
Recurring \| Level 1
Assets
Cash and cash equivalents	15,250	13,020
Restricted cash	1,575	1,761
Reinsurance recoverable	0
Other assets (related party: 2024 – $226 and 2023 – $189)	0
Total assets measured at fair value	24,036	21,581
Liabilities
Market Risk Benefits	0	0
Derivative liabilities	17	17
Other liabilities		0
Total liabilities measured at fair value	17	17
Recurring \| Level 1 \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	6,616	6,297
Trading securities, at fair value	23	24
Equity securities, at fair value	212	210
Mortgage loans	0	0
Derivative assets	127	108
Short-term investments	70	0
Other investments	0	0
Recurring \| Level 1 \| Related Party
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0	0
Equity securities, at fair value	66	63
Mortgage loans	0	0
Investment funds	0	0
Other investments	0	0
Reinsurance recoverable		0
Recurring \| Level 1 \| Variable Interest Entities
Assets
Trading securities, at fair value	0	0
Mortgage loans	0	0
Investment funds	0	0
Other investments	4	0
Cash and cash equivalents	93	98
Recurring \| Level 1 \| Related Party
Assets
Other assets (related party: 2024 – $226 and 2023 – $189)		0
Recurring \| Level 1 \| Universal life
Liabilities
Interest sensitive contract liabilities	0	0
Recurring \| Level 1 \| AmerUs Closed Block
Liabilities
Future policy benefits	0	0
Recurring \| Level 1 \| ILICO Closed Block and life benefits
Liabilities
Future policy benefits	0	0
Recurring \| Level 1 \| Embedded derivatives
Liabilities
Interest sensitive contract liabilities	0	0
Recurring \| Level 1 \| Embedded derivatives \| Consolidated Entity, excluding Affiliated Entity
Assets
Funds withheld at interest		0
Recurring \| Level 1 \| Embedded derivatives \| Related Party
Assets
Funds withheld at interest		0
Recurring \| Level 1 \| U.S. government and agencies \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	5,796	5,392
Recurring \| Level 1 \| US States and Political Subdivisions Debt Securities \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| Level 1 \| Foreign governments \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	809	895
Recurring \| Level 1 \| Corporate \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	11	10
Recurring \| Level 1 \| Corporate \| Related Party
Assets
Available-for-sale securities	0	0
Recurring \| Level 1 \| CLO \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| Level 1 \| CLO \| Related Party
Assets
Available-for-sale securities	0	0
Recurring \| Level 1 \| ABS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| Level 1 \| ABS \| Related Party
Assets
Available-for-sale securities	0	0
Recurring \| Level 1 \| CMBS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| Level 1 \| RMBS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| Level 2
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	0
Other assets (related party: 2024 – $226 and 2023 – $189)	0
Total assets measured at fair value	140,532	131,131
Liabilities
Market Risk Benefits	0	0
Derivative liabilities	2,411	1,977
Other liabilities	0	(64)
Total liabilities measured at fair value	2,411	1,913
Recurring \| Level 2 \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	125,388	118,247
Trading securities, at fair value	1,622	1,654
Equity securities, at fair value	1,054	699
Mortgage loans	0	0
Derivative assets	7,031	5,190
Short-term investments	169	236
Other investments	362	313
Recurring \| Level 2 \| Related Party
Assets
Available-for-sale securities	4,640	4,506
Trading securities, at fair value	0	0
Equity securities, at fair value	0	0
Mortgage loans	0	0
Investment funds	0	0
Other investments	0	0
Reinsurance recoverable		0
Recurring \| Level 2 \| Variable Interest Entities
Assets
Trading securities, at fair value	264	284
Mortgage loans	0	0
Investment funds	0	0
Other investments	2	2
Cash and cash equivalents	0	0
Recurring \| Level 2 \| Related Party
Assets
Other assets (related party: 2024 – $226 and 2023 – $189)		0
Recurring \| Level 2 \| Universal life
Liabilities
Interest sensitive contract liabilities	0	0
Recurring \| Level 2 \| AmerUs Closed Block
Liabilities
Future policy benefits	0	0
Recurring \| Level 2 \| ILICO Closed Block and life benefits
Liabilities
Future policy benefits	0	0
Recurring \| Level 2 \| Embedded derivatives
Liabilities
Interest sensitive contract liabilities	0	0
Recurring \| Level 2 \| Embedded derivatives \| Consolidated Entity, excluding Affiliated Entity
Assets
Funds withheld at interest		0
Recurring \| Level 2 \| Embedded derivatives \| Related Party
Assets
Funds withheld at interest		0
Recurring \| Level 2 \| U.S. government and agencies \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	7	7
Recurring \| Level 2 \| US States and Political Subdivisions Debt Securities \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	1,031	1,046
Recurring \| Level 2 \| Foreign governments \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	935	964
Recurring \| Level 2 \| Corporate \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	80,035	75,711
Recurring \| Level 2 \| Corporate \| Related Party
Assets
Available-for-sale securities	180	181
Recurring \| Level 2 \| CLO \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	22,398	20,207
Recurring \| Level 2 \| CLO \| Related Party
Assets
Available-for-sale securities	3,926	3,762
Recurring \| Level 2 \| ABS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	6,705	6,440
Recurring \| Level 2 \| ABS \| Related Party
Assets
Available-for-sale securities	534	563
Recurring \| Level 2 \| CMBS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	6,915	6,570
Recurring \| Level 2 \| RMBS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	7,362	7,302
Recurring \| Level 3
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	1,468
Other assets (related party: 2024 – $226 and 2023 – $189)	383
Total assets measured at fair value	78,179	70,748
Liabilities
Market Risk Benefits	3,723	3,751
Derivative liabilities	1	1
Other liabilities	229	330
Total liabilities measured at fair value	17,353	15,675
Recurring \| Level 3 \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	10,869	9,794
Trading securities, at fair value	40	28
Equity securities, at fair value	27	26
Mortgage loans	48,207	44,115
Derivative assets	1	0
Short-term investments	101	105
Other investments	751	630
Recurring \| Level 3 \| Related Party
Assets
Available-for-sale securities	11,738	9,503
Trading securities, at fair value	781	838
Equity securities, at fair value	249	255
Mortgage loans	1,263	1,281
Investment funds	1,067	1,082
Other investments	336	343
Reinsurance recoverable		1,367
Recurring \| Level 3 \| Variable Interest Entities
Assets
Trading securities, at fair value	1,770	1,852
Mortgage loans	2,147	2,173
Investment funds	951	977
Other investments	115	101
Cash and cash equivalents	0	0
Recurring \| Level 3 \| Related Party
Assets
Other assets (related party: 2024 – $226 and 2023 – $189)		378
Recurring \| Level 3 \| Universal life
Liabilities
Interest sensitive contract liabilities	788	834
Recurring \| Level 3 \| AmerUs Closed Block
Liabilities
Future policy benefits	1,151	1,178
Recurring \| Level 3 \| ILICO Closed Block and life benefits
Liabilities
Future policy benefits	553	522
Recurring \| Level 3 \| Embedded derivatives
Liabilities
Interest sensitive contract liabilities	10,908	9,059
Recurring \| Level 3 \| Embedded derivatives \| Consolidated Entity, excluding Affiliated Entity
Assets
Funds withheld at interest		3,379
Recurring \| Level 3 \| Embedded derivatives \| Related Party
Assets
Funds withheld at interest		(721)
Recurring \| Level 3 \| U.S. government and agencies \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| Level 3 \| US States and Political Subdivisions Debt Securities \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| Level 3 \| Foreign governments \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	40	40
Recurring \| Level 3 \| Corporate \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	3,378	2,525
Recurring \| Level 3 \| Corporate \| Related Party
Assets
Available-for-sale securities	1,175	1,171
Recurring \| Level 3 \| CLO \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| Level 3 \| CLO \| Related Party
Assets
Available-for-sale securities	520	506
Recurring \| Level 3 \| ABS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	7,165	6,943
Recurring \| Level 3 \| ABS \| Related Party
Assets
Available-for-sale securities	10,043	7,826
Recurring \| Level 3 \| CMBS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	21	21
Recurring \| Level 3 \| RMBS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	265	265
Recurring \| NAV
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Reinsurance recoverable	0
Other assets (related party: 2024 – $226 and 2023 – $189)	0
Total assets measured at fair value	15,865	14,950
Liabilities
Market Risk Benefits	0	0
Derivative liabilities	0	0
Other liabilities		0
Total liabilities measured at fair value	0	0
Recurring \| NAV \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0	0
Equity securities, at fair value	0	0
Mortgage loans	0	0
Derivative assets	0	0
Short-term investments	0	0
Other investments	0	0
Recurring \| NAV \| Related Party
Assets
Available-for-sale securities	0	0
Trading securities, at fair value	0	0
Equity securities, at fair value	0	0
Mortgage loans	0	0
Investment funds	0	0
Other investments	0	0
Reinsurance recoverable		0
Recurring \| NAV \| Variable Interest Entities
Assets
Trading securities, at fair value	0	0
Mortgage loans	0	0
Investment funds	15,865	14,950
Other investments	0	0
Cash and cash equivalents	0	0
Recurring \| NAV \| Related Party
Assets
Other assets (related party: 2024 – $226 and 2023 – $189)		0
Recurring \| NAV \| Universal life
Liabilities
Interest sensitive contract liabilities	0	0
Recurring \| NAV \| AmerUs Closed Block
Liabilities
Future policy benefits	0	0
Recurring \| NAV \| ILICO Closed Block and life benefits
Liabilities
Future policy benefits	0	0
Recurring \| NAV \| Embedded derivatives
Liabilities
Interest sensitive contract liabilities	0	0
Recurring \| NAV \| Embedded derivatives \| Consolidated Entity, excluding Affiliated Entity
Assets
Funds withheld at interest		0
Recurring \| NAV \| Embedded derivatives \| Related Party
Assets
Funds withheld at interest		0
Recurring \| NAV \| U.S. government and agencies \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| NAV \| US States and Political Subdivisions Debt Securities \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| NAV \| Foreign governments \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| NAV \| Corporate \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| NAV \| Corporate \| Related Party
Assets
Available-for-sale securities	0	0
Recurring \| NAV \| CLO \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| NAV \| CLO \| Related Party
Assets
Available-for-sale securities	0	0
Recurring \| NAV \| ABS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| NAV \| ABS \| Related Party
Assets
Available-for-sale securities	0	0
Recurring \| NAV \| CMBS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Recurring \| NAV \| RMBS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	0	0
Fair Value
Assets
Total assets measured at fair value	34,940	36,925
Liabilities
Interest sensitive contract liabilities	158,042	146,038
Fair Value \| Consolidated Entity, excluding Affiliated Entity
Assets
Investment funds	110	109
Funds withheld at interest	(26,592)	(27,738)
Other investments	42	52
Fair Value \| Related Party
Assets
Investment funds	559	550
Funds withheld at interest	(6,751)	(7,195)
Short-term investments	556	947
Fair Value \| Level 1
Assets
Total assets measured at fair value	0	0
Liabilities
Interest sensitive contract liabilities	0	0
Fair Value \| Level 1 \| Consolidated Entity, excluding Affiliated Entity
Assets
Investment funds	0	0
Funds withheld at interest	0	0
Other investments	0	0
Fair Value \| Level 1 \| Related Party
Assets
Investment funds	0	0
Funds withheld at interest	0	0
Short-term investments	0	0
Fair Value \| Level 2
Assets
Total assets measured at fair value	886	1,281
Liabilities
Interest sensitive contract liabilities	0	0
Fair Value \| Level 2 \| Consolidated Entity, excluding Affiliated Entity
Assets
Investment funds	0	0
Funds withheld at interest	0	0
Other investments	0	0
Fair Value \| Level 2 \| Related Party
Assets
Investment funds	0	0
Funds withheld at interest	0	0
Short-term investments	556	947
Fair Value \| Level 3
Assets
Total assets measured at fair value	33,385	34,985
Liabilities
Interest sensitive contract liabilities	158,042	146,038
Fair Value \| Level 3 \| Consolidated Entity, excluding Affiliated Entity
Assets
Investment funds	0	0
Funds withheld at interest	(26,592)	(27,738)
Other investments	42	52
Fair Value \| Level 3 \| Related Party
Assets
Investment funds	0	0
Funds withheld at interest	(6,751)	(7,195)
Short-term investments	0	0
Fair Value \| NAV
Assets
Total assets measured at fair value	669	659
Liabilities
Interest sensitive contract liabilities	0	0
Fair Value \| NAV \| Consolidated Entity, excluding Affiliated Entity
Assets
Investment funds	110	109
Funds withheld at interest	0	0
Other investments	0	0
Fair Value \| NAV \| Related Party
Assets
Investment funds	559	550
Funds withheld at interest	0	0
Short-term investments	0	0
Fair Value \| Recurring
Assets
Cash and cash equivalents	15,250	13,020
Restricted cash	1,575	1,761
Reinsurance recoverable	1,468	1,367
Other assets (related party: 2024 – $226 and 2023 – $189)	383
Total assets measured at fair value	258,612	238,410
Liabilities
Interest sensitive contract liabilities	11,696	9,893
Future policy benefits	1,704	1,700
Market Risk Benefits	3,723	3,751
Derivative liabilities	2,429	1,995
Other liabilities		266
Total liabilities measured at fair value	19,781	17,605
Fair Value \| Recurring \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	142,873	134,338
Trading securities, at fair value	1,685	1,706
Equity securities, at fair value	1,293	935
Mortgage loans	48,207	44,115
Embedded derivative assets, fair value	(3,362)	(3,379)
Derivative assets	7,159	5,298
Short-term investments	340	341
Other investments	1,113	943
Fair Value \| Recurring \| Related Party
Assets
Available-for-sale securities	16,378	14,009
Trading securities, at fair value	781	838
Equity securities, at fair value	315	318
Mortgage loans	1,263	1,281
Investment funds	1,067	1,082
Embedded derivative assets, fair value	(723)	(721)
Other investments	336	343
Reinsurance recoverable		1,367
Fair Value \| Recurring \| Variable Interest Entities
Assets
Trading securities, at fair value	2,034	2,136
Mortgage loans	2,147	2,173
Investment funds	16,816	15,927
Other investments	121	103
Cash and cash equivalents	93	98
Fair Value \| Recurring \| Related Party
Assets
Other assets (related party: 2024 – $226 and 2023 – $189)		378
Fair Value \| Recurring \| Universal life
Liabilities
Interest sensitive contract liabilities	788	834
Fair Value \| Recurring \| AmerUs Closed Block
Liabilities
Future policy benefits	1,151	1,178
Fair Value \| Recurring \| ILICO Closed Block and life benefits
Liabilities
Future policy benefits	553	522
Fair Value \| Recurring \| Embedded derivatives
Liabilities
Interest sensitive contract liabilities	10,908	9,059
Fair Value \| Recurring \| Embedded derivatives \| Consolidated Entity, excluding Affiliated Entity
Assets
Funds withheld at interest		3,379
Fair Value \| Recurring \| Embedded derivatives \| Related Party
Assets
Funds withheld at interest		(721)
Fair Value \| Recurring \| U.S. government and agencies \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	5,803	5,399
Fair Value \| Recurring \| US States and Political Subdivisions Debt Securities \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	1,031	1,046
Fair Value \| Recurring \| Foreign governments \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	1,784	1,899
Fair Value \| Recurring \| Corporate \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	83,424	78,246
Fair Value \| Recurring \| Corporate \| Related Party
Assets
Available-for-sale securities	1,355	1,352
Fair Value \| Recurring \| CLO \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	22,398	20,207
Fair Value \| Recurring \| CLO \| Related Party
Assets
Available-for-sale securities	4,446	4,268
Fair Value \| Recurring \| ABS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	13,870	13,383
Fair Value \| Recurring \| ABS \| Related Party
Assets
Available-for-sale securities	10,577	8,389
Fair Value \| Recurring \| CMBS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	6,936	6,591
Fair Value \| Recurring \| RMBS \| Consolidated Entity, excluding Affiliated Entity
Assets
Available-for-sale securities	7,627	$ 7,567
Funds withheld at interest \| Recurring \| Level 1
Liabilities
Other liabilities	0
Funds withheld at interest \| Recurring \| Level 1 \| Embedded derivatives \| Consolidated Entity, excluding Affiliated Entity
Assets
Embedded derivative assets, fair value	0
Funds withheld at interest \| Recurring \| Level 1 \| Embedded derivatives \| Related Party
Assets
Embedded derivative assets, fair value	0
Funds withheld at interest \| Recurring \| Level 2 \| Embedded derivatives \| Consolidated Entity, excluding Affiliated Entity
Assets
Embedded derivative assets, fair value	0
Funds withheld at interest \| Recurring \| Level 2 \| Embedded derivatives \| Related Party
Assets
Embedded derivative assets, fair value	0
Funds withheld at interest \| Recurring \| Level 3 \| Embedded derivatives \| Consolidated Entity, excluding Affiliated Entity
Assets
Embedded derivative assets, fair value	(3,362)
Funds withheld at interest \| Recurring \| Level 3 \| Embedded derivatives \| Related Party
Assets
Embedded derivative assets, fair value	(723)
Funds withheld at interest \| Recurring \| NAV
Liabilities
Other liabilities	0
Funds withheld at interest \| Recurring \| NAV \| Embedded derivatives \| Consolidated Entity, excluding Affiliated Entity
Assets
Embedded derivative assets, fair value	0
Funds withheld at interest \| Recurring \| NAV \| Embedded derivatives \| Related Party
Assets
Embedded derivative assets, fair value	0
Funds withheld at interest \| Fair Value \| Recurring
Liabilities
Other liabilities	229
Funds withheld at interest \| Fair Value \| Recurring \| Embedded derivatives \| Consolidated Entity, excluding Affiliated Entity
Assets
Embedded derivative assets, fair value	(3,362)
Funds withheld at interest \| Fair Value \| Recurring \| Embedded derivatives \| Related Party
Assets
Embedded derivative assets, fair value	$ (723)

Fair Value - Fair Value Option

Fair Value - Fair Value Option (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ (442)	$ 351
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	(400)	296
Unpaid principal balance	55,757		$ 50,752
Mark to fair value	(4,140)		(3,183)
Fair value	51,617		47,569
Fair Value, Option, Credit Risk, Gains (Losses) on Assets	(33)	(3)
Future policy benefits
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	27	(26)
Residential mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option, loans, 90 days or more past due	567		479
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status	460		355
Unpaid principal balance	606		528
Fair value	567		479
Fair Value, Option, Loans Held as Assets, Aggregate Difference	(39)		(49)
Residential mortgage loans \| Loans Insured or Guaranteed by US Government Authorities
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option, loans, 90 days or more past due	107		124
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option, loans, 90 days or more past due	183		64
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status	360		147
Unpaid principal balance	571		221
Fair value	360		147
Fair Value, Option, Loans Held as Assets, Aggregate Difference	(211)		$ (74)
Fair Value Option, Other Eligible Items
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	15	(47)
Investment related gains (losses) \| Trading securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	(60)	64
Net investment income \| Investment funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Total gains (losses)	$ (24)	$ 64

Fair Value - Reconciliation of

Fair Value - Reconciliation of Level 3 Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 70,370	$ 45,582
Total realized and unrealized gains (losses) included in income	(483)	1,171
Total realized and unrealized gains (losses) included in OCI	14	41
Purchases, issuances, sales and settlements, net	7,783	4,160
Transfers in	112	(121)
Transfers (out)	259	563
Ending balance	77,796	50,833
Total gains (losses) included in earnings1	(499)	368
Total gains (losses) included in OCI1	9	38
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(11,924)	(8,525)
Total realized and unrealized gains (losses) included in income	(1,145)	(627)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	625	433
Transfers in	64	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	371	442
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3	(64)	0
Ending balance	(13,630)	(9,585)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss)	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Reinsurance recoverable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,367	1,388
Total realized and unrealized gains (losses) included in income	(8)	82
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	109	0
Transfers in	0	0
Ending balance	1,468	1,470
Total gains (losses) included in earnings1	0	0
Total gains (losses) included in OCI1	0	0
Reinsurance recoverable \| Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases, issuances, sales and settlements, net	109
Transfers in	0
Transfers (out)	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0
Short-term investments \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	105	36
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	0	(2)
Purchases, issuances, sales and settlements, net	(4)	(30)
Transfers in	0	26
Ending balance	101	30
Total gains (losses) included in earnings1	0	0
Total gains (losses) included in OCI1	0	0
Equity securities \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	26	92
Total realized and unrealized gains (losses) included in income	0	(8)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	1	0
Transfers in	0	(13)
Ending balance	27	71
Total gains (losses) included in earnings1	1	(8)
Total gains (losses) included in OCI1	0	0
Equity securities \| Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	255	279
Total realized and unrealized gains (losses) included in income	(6)	4
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	(32)
Transfers in	0	0
Transfers (out)		0
Ending balance	249	251
Total gains (losses) included in earnings1	(6)	3
Total gains (losses) included in OCI1	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0
Mortgage loans \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	44,115	27,454
Total realized and unrealized gains (losses) included in income	(341)	251
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	4,433	2,244
Transfers in	0	0
Ending balance	48,207	29,949
Total gains (losses) included in earnings1	(341)	251
Total gains (losses) included in OCI1	0	0
Mortgage loans \| Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,281	1,302
Total realized and unrealized gains (losses) included in income	(17)	26
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(1)	(4)
Transfers in	0	0
Transfers (out)	0	0
Ending balance	1,263	1,324
Total gains (losses) included in earnings1	(17)	26
Total gains (losses) included in OCI1	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Mortgage loans \| Variable Interest Entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,173	2,055
Total realized and unrealized gains (losses) included in income	(42)	19
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	16	45
Transfers in	0	0
Transfers (out)	0	0
Ending balance	2,147	2,119
Total gains (losses) included in earnings1	(42)	19
Total gains (losses) included in OCI1	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Investment funds \| Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,082	959
Total realized and unrealized gains (losses) included in income	(15)	43
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	32
Transfers in	0	0
Transfers (out)		0
Ending balance	1,067	1,034
Total gains (losses) included in earnings1	(15)	43
Total gains (losses) included in OCI1	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0
Investment funds \| Variable Interest Entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	977	2,471
Total realized and unrealized gains (losses) included in income	(27)	18
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	1	(8)
Transfers in	0	100
Transfers (out)	0	48
Ending balance	951	2,581
Total gains (losses) included in earnings1	(27)	18
Total gains (losses) included in OCI1	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	148
Other \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	630	441
Total realized and unrealized gains (losses) included in income	(3)	1
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	124	(156)
Transfers in	0	0
Ending balance	751	286
Total gains (losses) included in earnings1	(3)	2
Total gains (losses) included in OCI1	0	0
Other \| Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	343	303
Total realized and unrealized gains (losses) included in income	(7)	(7)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	42
Transfers in	0	0
Transfers (out)		0
Ending balance	336	338
Total gains (losses) included in earnings1	(7)	(7)
Total gains (losses) included in OCI1	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0
Other \| Variable Interest Entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	101	99
Total realized and unrealized gains (losses) included in income	(2)	0
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	16	(2)
Transfers in	0	0
Transfers (out)	0	0
Ending balance	115	97
Total gains (losses) included in earnings1	(2)	0
Total gains (losses) included in OCI1	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Foreign governments \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	40	1
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Ending balance	40	1
Total gains (losses) included in earnings1	0	0
Total gains (losses) included in OCI1	0	0
Corporate \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,525	1,665
Total realized and unrealized gains (losses) included in income	(2)	(1)
Total realized and unrealized gains (losses) included in OCI	2	12
Purchases, issuances, sales and settlements, net	844	126
Transfers in	9	(180)
Ending balance	3,378	1,622
Total gains (losses) included in earnings1	(1)	0
Total gains (losses) included in OCI1	1	6
Corporate \| Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,171	812
Total realized and unrealized gains (losses) included in income	1	1
Total realized and unrealized gains (losses) included in OCI	(1)	(7)
Purchases, issuances, sales and settlements, net	4	153
Transfers in	0	0
Transfers (out)	0	0
Ending balance	1,175	959
Total gains (losses) included in earnings1	0	0
Total gains (losses) included in OCI1	(1)	(7)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Collateralized Loan Obligations \| Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	506
Total realized and unrealized gains (losses) included in income	0
Total realized and unrealized gains (losses) included in OCI	14
Purchases, issuances, sales and settlements, net	0
Transfers in	0
Ending balance	520
Total gains (losses) included in earnings1	0
Total gains (losses) included in OCI1	14
ABS \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	6,943	4,867
Total realized and unrealized gains (losses) included in income	2	0
Total realized and unrealized gains (losses) included in OCI	13	(19)
Purchases, issuances, sales and settlements, net	125	155
Transfers in	82	(61)
Ending balance	7,165	4,942
Total gains (losses) included in earnings1	(2)	0
Total gains (losses) included in OCI1	11	(16)
ABS \| Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	7,826	5,542
Total realized and unrealized gains (losses) included in income	1	4
Total realized and unrealized gains (losses) included in OCI	(14)	44
Purchases, issuances, sales and settlements, net	2,230	1,415
Transfers in	0	0
Transfers (out)	0	0
Ending balance	10,043	7,005
Total gains (losses) included in earnings1	(4)	2
Total gains (losses) included in OCI1	(17)	42
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
CMBS \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	21
Total realized and unrealized gains (losses) included in income	0
Total realized and unrealized gains (losses) included in OCI	0
Purchases, issuances, sales and settlements, net	0
Transfers in	0
Ending balance	21
Total gains (losses) included in earnings1	0
Total gains (losses) included in OCI1	1
RMBS \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	265	232
Total realized and unrealized gains (losses) included in income	1	3
Total realized and unrealized gains (losses) included in OCI	0	3
Purchases, issuances, sales and settlements, net	(1)	0
Transfers in	0	0
Ending balance	265	238
Total gains (losses) included in earnings1	0	0
Total gains (losses) included in OCI1	0	3
Trading securities \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	28	53
Total realized and unrealized gains (losses) included in income	0	2
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(2)	(4)
Transfers in	14	(9)
Ending balance	40	42
Total gains (losses) included in earnings1	0	1
Total gains (losses) included in OCI1	0	0
Trading securities \| Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	838	878
Total realized and unrealized gains (losses) included in income	0	6
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(57)	1
Transfers in	0	0
Transfers (out)	0	0
Ending balance	781	885
Total gains (losses) included in earnings1	0	6
Total gains (losses) included in OCI1	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Trading securities \| Variable Interest Entities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,852	622
Total realized and unrealized gains (losses) included in income	(33)	12
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(55)	(2)
Transfers in	6	16
Transfers (out)	0	3
Ending balance	1,770	648
Total gains (losses) included in earnings1	(33)	12
Total gains (losses) included in OCI1	0	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	6	19
CLO \| Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		303
Total realized and unrealized gains (losses) included in income		0
Total realized and unrealized gains (losses) included in OCI		10
Purchases, issuances, sales and settlements, net		185
Transfers in		0
Transfers (out)		0
Ending balance		498
Total gains (losses) included in earnings1		0
Total gains (losses) included in OCI1		10
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0
Derivative assets \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Total realized and unrealized gains (losses) included in income	0
Total realized and unrealized gains (losses) included in OCI	0
Purchases, issuances, sales and settlements, net	0
Transfers in	1
Ending balance	1
Total gains (losses) included in earnings1	0
Total gains (losses) included in OCI1	0
Embedded derivatives \| Funds withheld at interest \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(3,379)	(4,847)
Total realized and unrealized gains (losses) included in income	17	556
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Ending balance	(3,362)	(4,291)
Total gains (losses) included in earnings1	0	0
Total gains (losses) included in OCI1	0	0
Embedded derivatives \| Funds withheld at interest \| Related Party
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(721)	(1,425)
Total realized and unrealized gains (losses) included in income	(2)	159
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Ending balance	(723)	(1,266)
Total gains (losses) included in earnings1	0	0
Total gains (losses) included in OCI1	0	0
Derivative Financial Instruments, Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(1)	(1)
Total realized and unrealized gains (losses) included in income	0	0
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Ending balance	(1)	(1)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss)	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Interest Sensitive Contracts \| Embedded derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(9,059)	(5,841)
Total realized and unrealized gains (losses) included in income	(1,177)	(473)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	672	433
Transfers in	0	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3	0	0
Ending balance	(10,908)	(6,747)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss)	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Other Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(330)	(142)
Total realized and unrealized gains (losses) included in income	(10)	(47)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	(47)	0
Transfers in	64	0
Transfers (out)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3	(64)
Ending balance	(229)	(189)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss)	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Universal life \| Interest Sensitive Contracts
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(834)	(829)
Total realized and unrealized gains (losses) included in income	46	(50)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Ending balance	(788)	(879)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss)	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
AmerUs Closed Block \| Future Policy Benefits
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(1,178)	(1,164)
Total realized and unrealized gains (losses) included in income	27	(26)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Ending balance	(1,151)	(1,190)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss)	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
ILICO Closed Block and life benefits \| Future Policy Benefits
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(522)	(548)
Total realized and unrealized gains (losses) included in income	(31)	(31)
Total realized and unrealized gains (losses) included in OCI	0	0
Purchases, issuances, sales and settlements, net	0	0
Transfers in	0	0
Ending balance	(553)	(579)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss)	0	0
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	$ 0	$ 0

Fair Value - Gross Components o

Fair Value - Gross Components of Purchases, Sales, Issuances and Settlements, net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	$ 9,802	$ 5,503
Issuances	109	0
Sales	(293)	(59)
Settlements	(1,835)	(1,284)
Purchases, (Sales), Issuances, (Settlements)	7,783	4,160
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	371	442
Transfers (out)	(259)	(563)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	112	(121)
Purchases	0	0
Issuances	(898)	(577)
Sales	0	0
Settlements	(273)	(144)
Purchases, (Sales), Issuances, (Settlements), Liabilities	(625)	(433)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3	64	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	64	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	77,796	50,833	$ 70,370	$ 45,582
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	13,630	9,585	11,924	8,525
Mortgage loans \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	4,433	2,244
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	48,207	29,949	44,115	27,454
Mortgage loans \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	(1)	(4)
Purchases, (Sales), Issuances, (Settlements)	(1)	(4)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	1,263	1,324	1,281	1,302
Mortgage loans \| Variable Interest Entities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	32	46
Issuances	0	0
Sales	0	0
Settlements	(16)	(1)
Purchases, (Sales), Issuances, (Settlements)	16	45
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	2,147	2,119	2,173	2,055
Mortgage loans \| Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	5,686	2,882
Issuances	0	0
Sales	(26)	(32)
Settlements	(1,227)	(606)
Purchases, (Sales), Issuances, (Settlements)	4,433	2,244
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Short-term investments \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	(4)	(30)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	26
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	101	30	105	36
Short-term investments \| Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	2	0
Issuances	0	0
Sales	(6)	0
Settlements	0	(30)
Purchases, (Sales), Issuances, (Settlements)	(4)	(30)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	26
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	26
Investment funds \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		32
Issuances		0
Sales		0
Settlements		0
Purchases, (Sales), Issuances, (Settlements)	0	32
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0
Transfers (out)		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	1,067	1,034	1,082	959
Investment funds \| Variable Interest Entities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	1	0
Issuances	0	0
Sales	0	(8)
Settlements	0	0
Purchases, (Sales), Issuances, (Settlements)	1	(8)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	148
Transfers (out)	0	(48)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	100
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	951	2,581	977	2,471
Reinsurance recoverable
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	109	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	1,468	1,470	1,367	1,388
Reinsurance recoverable \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0
Issuances	109
Sales	0
Settlements	0
Purchases, (Sales), Issuances, (Settlements)	109
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0
Transfers (out)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0
Trading securities \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	(2)	(4)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	14	(9)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	40	42	28	53
Trading securities \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	2	2
Issuances	0	0
Sales	0	0
Settlements	(59)	(1)
Purchases, (Sales), Issuances, (Settlements)	(57)	1
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	781	885	838	878
Trading securities \| Variable Interest Entities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	10
Issuances	0	0
Sales	(55)	(12)
Settlements	0	0
Purchases, (Sales), Issuances, (Settlements)	(55)	(2)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	6	19
Transfers (out)	0	(3)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	6	16
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	1,770	648	1,852	622
Trading securities \| Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	(2)	(4)
Purchases, (Sales), Issuances, (Settlements)	(2)	(4)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	14	5
Transfers (out)	0	(14)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	14	(9)
Other \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	124	(156)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	751	286	630	441
Other \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		42
Issuances		0
Sales		0
Settlements		0
Purchases, (Sales), Issuances, (Settlements)	0	42
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0
Transfers (out)		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	336	338	343	303
Other \| Variable Interest Entities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	19	5
Issuances	0	0
Sales	(3)	(7)
Settlements	0	0
Purchases, (Sales), Issuances, (Settlements)	16	(2)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	115	97	101	99
Other \| Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	124	2
Issuances	0	0
Sales	0	0
Settlements	0	(158)
Purchases, (Sales), Issuances, (Settlements)	124	(156)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Corporate \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	844	126
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	9	(180)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	3,378	1,622	2,525	1,665
Corporate \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	6	156
Issuances	0	0
Sales	0	0
Settlements	(2)	(3)
Purchases, (Sales), Issuances, (Settlements)	4	153
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	1,175	959	1,171	812
Corporate \| Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	922	208
Issuances	0	0
Sales	(2)	0
Settlements	(76)	(82)
Purchases, (Sales), Issuances, (Settlements)	844	126
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	9	29
Transfers (out)	0	(209)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	9	(180)
CLO \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		185
Issuances		0
Sales		0
Settlements		0
Purchases, (Sales), Issuances, (Settlements)		185
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0
Transfers (out)		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value		498		303
Equity securities \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	1	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	(13)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	27	71	26	92
Equity securities \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases		0
Issuances		0
Sales		0
Settlements		(32)
Purchases, (Sales), Issuances, (Settlements)	0	(32)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3		0
Transfers (out)		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	249	251	255	279
Equity securities \| Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	2	0
Issuances	0	0
Sales	(1)	0
Settlements	0	0
Purchases, (Sales), Issuances, (Settlements)	1	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Transfers (out)	0	(13)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	(13)
ABS \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	125	155
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	82	(61)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	7,165	4,942	6,943	4,867
ABS \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	2,693	1,634
Issuances	0	0
Sales	(200)	0
Settlements	(263)	(219)
Purchases, (Sales), Issuances, (Settlements)	2,230	1,415
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	10,043	7,005	7,826	5,542
ABS \| Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	313	298
Issuances	0	0
Sales	0	0
Settlements	(188)	(143)
Purchases, (Sales), Issuances, (Settlements)	125	155
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	341	215
Transfers (out)	(259)	(276)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	82	(61)
RMBS \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	(1)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	265	238	265	232
RMBS \| Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	1
Issuances	0	0
Sales	0	0
Settlements	(1)	(1)
Purchases, (Sales), Issuances, (Settlements)	(1)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	0	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
CMBS \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	21		21
Derivative assets \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	1
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	1		0
Derivative assets \| Consolidated Entity, Excluding Variable Interest Entities (VIE) and Investments in Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0
Issuances	0
Sales	0
Settlements	0
Purchases, (Sales), Issuances, (Settlements)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	1
Transfers (out)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	1
Embedded derivatives \| Funds withheld at interest \| Consolidated Entity, excluding Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	(3,362)	(4,291)	(3,379)	(4,847)
Embedded derivatives \| Funds withheld at interest \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	(723)	(1,266)	(721)	(1,425)
Interest Sensitive Contracts \| Universal life
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements), Liabilities	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	788	879	834	829
Interest Sensitive Contracts \| Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0	0
Issuances	(898)	(577)
Sales	0	0
Settlements	(226)	(144)
Purchases, (Sales), Issuances, (Settlements), Liabilities	(672)	(433)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3	0	0
Transfers (out)	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	10,908	6,747	9,059	5,841
Derivative Financial Instruments, Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements), Liabilities	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	1	1	1	1
Future Policy Benefits \| AmerUs Closed Block
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements), Liabilities	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	1,151	1,190	1,178	1,164
Future Policy Benefits \| ILICO Closed Block and life benefits
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases, (Sales), Issuances, (Settlements), Liabilities	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	553	579	522	548
Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	0
Issuances	0
Sales	0
Settlements	(47)
Purchases, (Sales), Issuances, (Settlements), Liabilities	47	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3	64
Transfers (out)	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	64	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 229	$ 189	$ 330	$ 142

Fair Value - Summary of Unobser

Fair Value - Summary of Unobservable Inputs for the Embedded Derivatives of Interest Sensitive Contract Liabilities (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment funds	$ 18,552	$ 17,668
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-Sale Debt securities, Trading securities, and Equity securities	16,547	14,247
Mortgage loans, net of allowances	51,617	47,569
Level 3 \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment funds	1,545	1,574
Level 3 \| Net tangible asset values
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment funds	$ 471	$ 483
Nonperformance risk \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.004	0.004
Nonperformance risk \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.012	0.014
Nonperformance risk \| Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.008	0.009
Option budget \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.005	0.005
Option budget \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.060	0.060
Option budget \| Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.025	0.023
Surrender rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.059	0.060
Surrender rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.140	0.134
Surrender rate \| Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.087	0.087
Measurement Input, Discount Rate [Member] \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage loans, Measurement Input	0.018	0.025
Measurement Input for Available-for-Sale Debt securities, Trading securities, and Equity securities	0.017	0.023
Investment funds, measurement input	0.063	0.063
Measurement Input, Discount Rate [Member] \| Minimum \| Measurement Input, Implied Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment funds, measurement input	1.24	1.14
Measurement Input, Discount Rate [Member] \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage loans, Measurement Input	0.260	0.206
Measurement Input for Available-for-Sale Debt securities, Trading securities, and Equity securities	0.182	0.181
Investment funds, measurement input	0.135	0.135
Measurement Input, Discount Rate [Member] \| Maximum \| Measurement Input, Implied Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment funds, measurement input	1.24	1.14
Measurement Input, Discount Rate [Member] \| Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage loans, Measurement Input	0.070	0.068
Measurement Input for Available-for-Sale Debt securities, Trading securities, and Equity securities	0.070	0.070
Investment funds, measurement input	0.113	0.112
Measurement Input, Discount Rate [Member] \| Weighted average \| Measurement Input, Implied Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment funds, measurement input	1.24	1.14
Embedded derivatives \| Interest Sensitive Contracts \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total liabilities measured at fair value	$ 10,908	$ 9,059

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Fair Value
Assets
Total assets measured at fair value	$ 34,940	$ 36,925
Liabilities
Interest sensitive contract liabilities	158,042	146,038
Debt	5,249	3,660
Securities Sold under Agreements to Repurchase	2,666	3,853
Funds withheld liability	1,365	350
Total liabilities not carried at fair value	167,322	153,901
Fair Value \| Consolidated Entity, excluding Affiliated Entity
Assets
Investment funds	110	109
Policy loans	330	334
Funds withheld at interest	26,592	27,738
Other investments	42	52
Fair Value \| Related Party
Assets
Investment funds	559	550
Funds withheld at interest	6,751	7,195
Short-term investments	556	947
Carrying Value
Assets
Total assets measured at fair value	34,933	36,919
Liabilities
Interest sensitive contract liabilities	167,360	154,095
Debt	5,740	4,209
Securities Sold under Agreements to Repurchase	2,666	3,853
Funds withheld liability	1,365	350
Total liabilities not carried at fair value	177,131	162,507
Carrying Value \| Consolidated Entity, excluding Affiliated Entity
Assets
Investment funds	110	109
Policy loans	330	334
Funds withheld at interest	26,592	27,738
Other investments	35	46
Carrying Value \| Related Party
Assets
Investment funds	559	550
Funds withheld at interest	6,751	7,195
Short-term investments	556	947
Investment funds	18,552	17,668
Liabilities
Interest sensitive contract liabilities	220,234	204,670	$ 181,100
Debt	5,740	4,209
Consolidated Entity, excluding Affiliated Entity
Assets
Investment funds	110	109
Policy loans	330	334
Funds withheld at interest	23,230	24,359
Other investments	1,371	1,206
Short-term investments	340	341
Related Party
Assets
Investment funds	1,626	1,632
Funds withheld at interest	6,028	6,474
Other investments	336	343
Short-term investments	556	947
Liabilities
Interest sensitive contract liabilities	8,099	8,599
Variable Interest Entities
Assets
Investment funds	16,816	15,927
Other investments	121	103
Level 1 \| Fair Value
Assets
Total assets measured at fair value	0	0
Liabilities
Interest sensitive contract liabilities	0	0
Debt	587	0
Securities Sold under Agreements to Repurchase	0	0
Funds withheld liability	0	0
Total liabilities not carried at fair value	587	0
Level 1 \| Fair Value \| Consolidated Entity, excluding Affiliated Entity
Assets
Investment funds	0	0
Policy loans	0	0
Funds withheld at interest	0	0
Other investments	0	0
Level 1 \| Fair Value \| Related Party
Assets
Investment funds	0	0
Funds withheld at interest	0	0
Short-term investments	0	0
Level 3 \| Fair Value
Assets
Total assets measured at fair value	33,385	34,985
Liabilities
Interest sensitive contract liabilities	158,042	146,038
Debt	0	0
Securities Sold under Agreements to Repurchase	0	0
Funds withheld liability	1,365	0
Total liabilities not carried at fair value	159,407	146,038
Level 3 \| Fair Value \| Consolidated Entity, excluding Affiliated Entity
Assets
Investment funds	0	0
Policy loans	0	0
Funds withheld at interest	26,592	27,738
Other investments	42	52
Level 3 \| Fair Value \| Related Party
Assets
Investment funds	0	0
Funds withheld at interest	6,751	7,195
Short-term investments	0	0
NAV \| Fair Value
Assets
Total assets measured at fair value	669	659
Liabilities
Interest sensitive contract liabilities	0	0
Debt	0	0
Securities Sold under Agreements to Repurchase	0	0
Funds withheld liability	0	0
Total liabilities not carried at fair value	0	0
NAV \| Fair Value \| Consolidated Entity, excluding Affiliated Entity
Assets
Investment funds	110	109
Policy loans	0	0
Funds withheld at interest	0	0
Other investments	0	0
NAV \| Fair Value \| Related Party
Assets
Investment funds	559	550
Funds withheld at interest	0	0
Short-term investments	0	0
Level 2 \| Fair Value
Assets
Total assets measured at fair value	886	1,281
Liabilities
Interest sensitive contract liabilities	0	0
Debt	4,662	3,660
Securities Sold under Agreements to Repurchase	2,666	3,853
Funds withheld liability	0	350
Total liabilities not carried at fair value	7,328	7,863
Level 2 \| Fair Value \| Consolidated Entity, excluding Affiliated Entity
Assets
Investment funds	0	0
Policy loans	330	334
Funds withheld at interest	0	0
Other investments	0	0
Level 2 \| Fair Value \| Related Party
Assets
Investment funds	0	0
Funds withheld at interest	0	0
Short-term investments	$ 556	$ 947

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Carrying amount of equity securities	$ 358,000,000	$ 358,000,000
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount	$ (42,000,000)	$ (42,000,000)

Deferred Acquisition Costs, D_3

Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Roll Forward of DAC, DSI, and VOBA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
VOBA
Beginning balance	$ 2,581	$ 2,988
Additions	0	0
Amortization	(89)	(93)
Ending balance	2,492	2,895
Total
Beginning balance	5,979	4,466
Additions	636	508
Amortization	(207)	(138)
Ending balance	6,408	4,836
Indexed annuities
DAC
Beginning balance	1,517	755
Additions	294	203
Amortization	(39)	(18)
Ending balance	1,772	940
DSI
Beginning balance	970	399
Additions	177	133
Amortization	(26)	(10)
Ending balance	1,121	522
Funding agreements
DAC
Beginning balance	10	11
Additions	18	0
Amortization	(2)	(1)
Ending balance	26	10
Other investment-type
DAC
Beginning balance	11	9
Additions	0	1
Amortization	0	0
Ending balance	11	10
Deferred Fixed Annuity
DAC
Beginning balance	890	304
Additions	147	171
Amortization	(51)	(16)
Ending balance	$ 986	$ 459

Long-duration Contracts - Polic

Long-duration Contracts - Policyholder Account Balance Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Policyholder Account Balance [Roll Forward]
Beginning balance	$ 197,889	$ 168,339
Deposits	21,006	12,162
Policy charges	(169)	(159)
Surrenders and withdrawals	(4,498)	(4,603)
Benefit payments	(2,613)	(1,266)
Interest credited	1,686	724
Foreign exchange	(684)	38
Other	(102)	56
Ending balance	212,515	175,291
Indexed annuities
Policyholder Account Balance [Roll Forward]
Beginning balance	93,147	92,660
Deposits	4,814	2,929
Policy charges	(168)	(158)
Surrenders and withdrawals	(3,150)	(2,712)
Benefit payments	(433)	(422)
Interest credited	641	117
Foreign exchange	(3)	0
Other	0	0
Ending balance	$ 94,848	$ 92,414
Weighted average crediting rate	2.40%	2.30%
Net amount at risk	$ 14,995	$ 13,903
Cash surrender value	86,747	84,047
Funding agreements
Policyholder Account Balance [Roll Forward]
Beginning balance	32,350	27,439
Deposits	8,542	1,500
Policy charges	0	0
Surrenders and withdrawals	0	(70)
Benefit payments	(1,840)	(490)
Interest credited	299	206
Foreign exchange	(184)	54
Other	(78)	143
Ending balance	$ 39,089	$ 28,782
Weighted average crediting rate	4%	2.70%
Net amount at risk	$ 0	$ 0
Cash surrender value	0	0
Other investment-type
Policyholder Account Balance [Roll Forward]
Beginning balance	7,629	4,722
Deposits	485	1,033
Policy charges	0	0
Surrenders and withdrawals	(20)	(3)
Benefit payments	(57)	(90)
Interest credited	49	32
Foreign exchange	(314)	(16)
Other	(24)	(33)
Ending balance	$ 7,748	$ 5,645
Weighted average crediting rate	2.70%	2.90%
Net amount at risk	$ 88	$ 66
Cash surrender value	6,542	2,710
Deferred Fixed Annuity
Policyholder Account Balance [Roll Forward]
Beginning balance	64,763	43,518
Deposits	7,165	6,700
Policy charges	(1)	(1)
Surrenders and withdrawals	(1,328)	(1,818)
Benefit payments	(283)	(264)
Interest credited	697	369
Foreign exchange	(183)	0
Other	0	(54)
Ending balance	$ 70,830	$ 48,450
Weighted average crediting rate	4.10%	3.40%
Net amount at risk	$ 425	$ 423
Cash surrender value	$ 66,597	$ 45,994

Long-duration Contracts - Recon

Long-duration Contracts - Reconciliation of Account Balance Within Interest Sensitive Contract Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	$ 220,234	$ 204,670	$ 181,100
Indexed annuities
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	94,848		92,414
Funding agreements
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	39,089		28,782
Other investment-type
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	7,748		5,645
Reconciling items
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	7,719		5,809
Deferred Fixed Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Interest sensitive contract liabilities	$ 70,830		$ 48,450

Long-duration Contracts - Accou

Long-duration Contracts - Account Balances by Guaranteed Minimum Interest Rates (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Policyholder Account Balance [Line Items]
Total	$ 212,515	$ 197,889	$ 175,291	$ 168,339
Less than 2.0%
Policyholder Account Balance [Line Items]
Total	$ 157,038		$ 129,906
Less than 2.0% \| Maximum
Policyholder Account Balance [Line Items]
Range of guaranteed minimum credit ratings (in percent)	2%		2%
2.0% to 4.0%
Policyholder Account Balance [Line Items]
Total	$ 30,120		$ 34,280
2.0% to 4.0% \| Maximum
Policyholder Account Balance [Line Items]
Range of guaranteed minimum credit ratings (in percent)	4%		4%
2.0% to 4.0% \| Minimum
Policyholder Account Balance [Line Items]
Range of guaranteed minimum credit ratings (in percent)	2%		2%
4.0% to 6.0%
Policyholder Account Balance [Line Items]
Total	$ 17,160		$ 9,883
Range of guaranteed minimum credit ratings (in percent)			6%
4.0% to 6.0% \| Maximum
Policyholder Account Balance [Line Items]
Range of guaranteed minimum credit ratings (in percent)	6%
4.0% to 6.0% \| Minimum
Policyholder Account Balance [Line Items]
Range of guaranteed minimum credit ratings (in percent)	4%		4%
6.0% and greater
Policyholder Account Balance [Line Items]
Total	$ 8,197		$ 1,222
6.0% and greater \| Minimum
Policyholder Account Balance [Line Items]
Range of guaranteed minimum credit ratings (in percent)	6%		6%
At guaranteed minimum
Policyholder Account Balance [Line Items]
Total	$ 81,775		$ 68,211
At guaranteed minimum \| Less than 2.0%
Policyholder Account Balance [Line Items]
Total	29,717		25,571
At guaranteed minimum \| 2.0% to 4.0%
Policyholder Account Balance [Line Items]
Total	26,736		31,793
At guaranteed minimum \| 4.0% to 6.0%
Policyholder Account Balance [Line Items]
Total	17,125		9,625
At guaranteed minimum \| 6.0% and greater
Policyholder Account Balance [Line Items]
Total	8,197		1,222
1 basis point – 100 basis points above guaranteed minimum
Policyholder Account Balance [Line Items]
Total	$ 18,933		$ 25,628
1 basis point – 100 basis points above guaranteed minimum \| Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	100		100
1 basis point – 100 basis points above guaranteed minimum \| Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	1		1
1 basis point – 100 basis points above guaranteed minimum \| Less than 2.0%
Policyholder Account Balance [Line Items]
Total	$ 17,187		$ 23,867
1 basis point – 100 basis points above guaranteed minimum \| 2.0% to 4.0%
Policyholder Account Balance [Line Items]
Total	1,712		1,709
1 basis point – 100 basis points above guaranteed minimum \| 4.0% to 6.0%
Policyholder Account Balance [Line Items]
Total	34		52
1 basis point – 100 basis points above guaranteed minimum \| 6.0% and greater
Policyholder Account Balance [Line Items]
Total	0		0
Greater than 100 basis points above guaranteed minimum
Policyholder Account Balance [Line Items]
Total	$ 111,807		$ 81,452
Greater than 100 basis points above guaranteed minimum \| Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance above guaranteed minimum crediting rate	100		100
Greater than 100 basis points above guaranteed minimum \| Less than 2.0%
Policyholder Account Balance [Line Items]
Total	$ 110,134		$ 80,468
Greater than 100 basis points above guaranteed minimum \| 2.0% to 4.0%
Policyholder Account Balance [Line Items]
Total	1,672		778
Greater than 100 basis points above guaranteed minimum \| 4.0% to 6.0%
Policyholder Account Balance [Line Items]
Total	1		206
Greater than 100 basis points above guaranteed minimum \| 6.0% and greater
Policyholder Account Balance [Line Items]
Total	$ 0		$ 0

Long-duration Contracts - Balan

Long-duration Contracts - Balances of and Changes in Liability for Future Policy Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jul. 01, 2023	Dec. 31, 2022
Present value of expected future policy benefits
Beginning balance	$ 48,372	$ 36,422
Effect of changes in discount rate assumptions	6,949	7,623	$ 6,144		$ 8,425
Beginning balance at original discount rate	53,639	44,368	54,511		44,834
Effect of actual to expected experience	(8)
Adjusted balance	54,503
Issuances	42	88
Interest accrual	471	346
Benefit payments	(1,145)	(885)
Foreign exchange	(232)	14
Ending balance at original discount rate	53,639	44,368
Beginning balance at original discount rate	53,639	44,368	54,511		44,834
Ending balance	46,691	36,752
Effect of changes in discount rate assumptions	43		(45)
AOCI, Liability for Future Policy Benefit, Expected Net Premium, Foreign Exchange, before Tax	(1)		(2)
Beginning balance at original discount rate	1,053		1,182
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, Foreign Exchange, before Tax	1	7	5		13
Net future policy benefits	51,672	42,490	53,287
Beginning balance at original discount rate	1,011		1,135
Effect of actual to expected experience		(29)
Adjusted balance		44,805
Interest accrual	6
Net premium collected	(53)
Foreign exchange	(77)
Venerable \| Reinsurance agreement recapture
Present value of expected future policy benefits
Net future policy benefits				$ 2,700
Payout annuities with life contingencies
Present value of expected future policy benefits
Beginning balance	45,001	36,422
Effect of changes in discount rate assumptions	6,999	7,623	6,233		8,425
Beginning balance at original discount rate	50,593	44,368	51,235		44,834
Effect of actual to expected experience	(4)
Adjusted balance	51,231
Issuances	42	88
Interest accrual	453
Benefit payments	(1,126)
Foreign exchange	(7)	14
Ending balance at original discount rate	50,593	44,368
Beginning balance at original discount rate	50,593	44,368	51,235		44,834
Ending balance	43,596	36,752
Effect of changes in discount rate assumptions	0		0
AOCI, Liability for Future Policy Benefit, Expected Net Premium, Foreign Exchange, before Tax	0		0
Beginning balance at original discount rate	0		0
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, Foreign Exchange, before Tax	$ 2	$ 7	(1)		13
Liability for Future Policy Benefit, Weighted-Average Duration	9 years 6 months	10 years 1 month 6 days
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	3.70%	3.20%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	5.40%	5.30%
Expected future benefit payments, Undiscounted	$ 74,239	$ 63,995
Expected future gross premiums, Undiscounted	0
Expected future gross premiums, Discounted	0
Net future policy benefits	43,596	36,752
Net future policy benefits, net of reinsurance recoverable		36,752
Beginning balance at original discount rate	0		0
Effect of actual to expected experience		(29)
Adjusted balance		44,805
Interest accrual	0
Net premium collected	0
Foreign exchange	0
Whole Life Insurance
Present value of expected future policy benefits
Beginning balance	3,371	0
Effect of changes in discount rate assumptions	(50)	0	(89)		0
Beginning balance at original discount rate	3,046	0	3,276		0
Effect of actual to expected experience	(4)
Adjusted balance	3,272
Issuances	0	0
Interest accrual	18	0
Benefit payments	(19)	0
Foreign exchange	(225)	0
Ending balance at original discount rate	3,046	0
Beginning balance at original discount rate	3,046	0	3,276		0
Ending balance	3,095	0
Effect of changes in discount rate assumptions	43		(45)
AOCI, Liability for Future Policy Benefit, Expected Net Premium, Foreign Exchange, before Tax	(1)		(2)
Beginning balance at original discount rate	1,053		1,182
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, Foreign Exchange, before Tax	$ (1)	$ 0	6		$ 0
Liability for Future Policy Benefit, Weighted-Average Duration	32 years 8 months 12 days	0 years
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	4.80%	0%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	4.40%	0%
Expected future benefit payments, Undiscounted	$ 11,449	$ 0
Expected future gross premiums, Undiscounted	1,344
Expected future gross premiums, Discounted	1,103
Net future policy benefits	2,042	0
Net future policy benefits, net of reinsurance recoverable		0
Beginning balance at original discount rate	1,011		$ 1,135
Effect of actual to expected experience		0
Adjusted balance		0
Interest accrual	6
Net premium collected	(53)
Foreign exchange	(77)
All products, excluding reconciling items
Present value of expected future policy benefits
Net future policy benefits	$ 45,638
Net future policy benefits, net of reinsurance recoverable		$ 36,752

Long-duration Contracts - Rec_2

Long-duration Contracts - Reconciliation of Future Policy Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 51,672	$ 53,287	$ 42,490
Payout annuities with life contingencies
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	43,596		36,752
Reconciling items
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	6,034		5,738
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 2,042		$ 0

Long-duration Contracts - Premi

Long-duration Contracts - Premium Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Total	$ 101	$ 96
Future policy benefit, interest expense	465	346
Payout annuities with life contingencies
Liability for Future Policy Benefit, Activity [Line Items]
Total	38	88
Future policy benefit, interest expense	453	346
Reconciling items
Liability for Future Policy Benefit, Activity [Line Items]
Total	8	8
Future policy benefit, interest expense	0	0
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Total	55	0
Future policy benefit, interest expense	$ 12	$ 0

Long-duration Contracts - Narra

Long-duration Contracts - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Additional Liability, Long-Duration Insurance [Line Items]
Future policy benefit, interest expense	$ 465	$ 346
Favorable (unfavorable) movements	(1,681)	330
Interest accrual	471	346
Benefit payments	(1,145)	(885)
Effect of changes in discount rate assumptions	6,949	7,623	$ 6,144	$ 8,425
Issuances	42	88
Market risk benefit, period increase (decrease)	(33)	274
Effect of changes in interest rates	(228)	226
Effect of changes in instrument-specific credit risk	(36)	455	8	(366)
Attributed fees collected	87	85
Effect of changes in equity	(73)	(18)
Liability for Future Policy Benefit, Adverse Development, Expense	25	0
Remeasurement gains (losses) on future policy benefits related to discount rate	803	(802)
Payout annuities with life contingencies
Additional Liability, Long-Duration Insurance [Line Items]
Future policy benefit, interest expense	453	346
Interest accrual	453
Benefit payments	(1,126)
Effect of changes in discount rate assumptions	6,999	7,623	$ 6,233	$ 8,425
Issuances	$ 42	$ 88

Long-duration Contracts - Weigh

Long-duration Contracts - Weighted Average Durations and Interest Rates (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Beginning balance at original discount rate	$ 53,639	$ 54,511	$ 44,368	$ 44,834

Long-duration Contracts - Remea

Long-duration Contracts - Remeasurement Gain (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Insurance [Abstract]
Reserves	$ 8	$ 29
Deferred profit liability	(20)	(27)
Negative VOBA	0	(4)
Total remeasurement gains (losses)	$ (12)	$ (2)

Long-duration Contracts - Marke

Long-duration Contracts - Market Risk Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Market Risk Benefit [Roll Forward]
Beginning Balance	$ 3,373	$ 2,855
Effect of changes in instrument-specific credit risk	36	(455)	$ (8)	$ 366
Balance, beginning of period, before changes in instrument-specific credit risk	(3,365)	(2,489)
Issuances	93	17
Interest accrual	50	34
Attributed fees collected	87	85
Benefit payments	(17)	(6)
Effect of changes in interest rates	(228)	226
Effect of changes in equity	(73)	(18)
Effect of actual policyholder behavior compared to expected behavior	27	25
Balance at March 31, 2024	(3,340)	(2,763)
Less: Reinsurance recoverable	(10)
Balance at March 31, 2024, net of reinsurance	3,330
Ending Balance	3,304	3,218
Indexed annuities
Market Risk Benefit [Roll Forward]
Beginning Balance	3,181	2,672
Effect of changes in instrument-specific credit risk	37	(439)	(10)	353
Balance, beginning of period, before changes in instrument-specific credit risk	(3,171)	(2,319)
Issuances	93	17
Interest accrual	47	32
Attributed fees collected	86	84
Benefit payments	(15)	(6)
Effect of changes in interest rates	(220)	218
Effect of changes in equity	(73)	(18)
Effect of actual policyholder behavior compared to expected behavior	25	23
Balance at March 31, 2024	(3,151)	(2,583)
Less: Reinsurance recoverable	(10)
Balance at March 31, 2024, net of reinsurance	3,141
Ending Balance	3,114	3,022
Net amount at risk	$ 14,995	$ 13,903
Weighted-average attained age of contract holders (in years)	69 years	69 years
Deferred Fixed Annuity
Market Risk Benefit [Roll Forward]
Beginning Balance	$ 192	$ 183
Effect of changes in instrument-specific credit risk	(1)	(16)	$ 2	$ 13
Balance, beginning of period, before changes in instrument-specific credit risk	(194)	(170)
Issuances	0	0
Interest accrual	3	2
Attributed fees collected	1	1
Benefit payments	(2)	0
Effect of changes in interest rates	(8)	8
Effect of changes in equity	0	0
Effect of actual policyholder behavior compared to expected behavior	2	2
Balance at March 31, 2024	(189)	(180)
Less: Reinsurance recoverable	0
Balance at March 31, 2024, net of reinsurance	189
Ending Balance	190	196
Net amount at risk	$ 425	$ 423
Weighted-average attained age of contract holders (in years)	76 years	75 years

Long-duration Contracts - Mar_2

Long-duration Contracts - Market Risk Reconciliation (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Market Risk Benefit [Line Items]
Asset	$ 383		$ 440
Liability	3,723	$ 3,751	3,203
Net liability	3,340	3,365	2,763	$ 2,489
Indexed annuities
Market Risk Benefit [Line Items]
Asset	383		440
Liability	3,534		3,023
Net liability	3,151	3,171	2,583	2,319
Deferred Fixed Annuity
Market Risk Benefit [Line Items]
Asset	0		0
Liability	189		180
Net liability	$ 189	$ 194	$ 180	$ 170

Long-duration Contracts - Signi

Long-duration Contracts - Significant Inputs and Assumptions (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Market Risk Benefit [Line Items]
Net liability	$ 3,340	$ 3,365	$ 2,763	$ 2,489
Nonperformance risk \| Discounted cash flow \| Minimum
Market Risk Benefit [Line Items]
Market risk benefit, measurement input (in percent)	0.004		0.003
Nonperformance risk \| Discounted cash flow \| Maximum
Market Risk Benefit [Line Items]
Market risk benefit, measurement input (in percent)	0.012		0.017
Nonperformance risk \| Discounted cash flow \| Weighted average
Market Risk Benefit [Line Items]
Market risk benefit, measurement input (in percent)	0.011		0.016
Option budget \| Discounted cash flow \| Minimum
Market Risk Benefit [Line Items]
Market risk benefit, measurement input (in percent)	0.005		0.005
Option budget \| Discounted cash flow \| Maximum
Market Risk Benefit [Line Items]
Market risk benefit, measurement input (in percent)	0.060		0.056
Option budget \| Discounted cash flow \| Weighted average
Market Risk Benefit [Line Items]
Market risk benefit, measurement input (in percent)	0.020		0.017
Surrender rate \| Discounted cash flow \| Minimum
Market Risk Benefit [Line Items]
Market risk benefit, measurement input (in percent)	0.031		0.033
Surrender rate \| Discounted cash flow \| Maximum
Market Risk Benefit [Line Items]
Market risk benefit, measurement input (in percent)	0.066		0.069
Surrender rate \| Discounted cash flow \| Weighted average
Market Risk Benefit [Line Items]
Market risk benefit, measurement input (in percent)	0.044		0.045
Measurement Input, Utilization Rate \| Discounted cash flow \| Minimum
Market Risk Benefit [Line Items]
Market risk benefit, measurement input (in percent)	0.286		0.286
Measurement Input, Utilization Rate \| Discounted cash flow \| Maximum
Market Risk Benefit [Line Items]
Market risk benefit, measurement input (in percent)	0.950		0.950
Measurement Input, Utilization Rate \| Discounted cash flow \| Weighted average
Market Risk Benefit [Line Items]
Market risk benefit, measurement input (in percent)	0.841		0.827

Debt - Senior Note Issuance (De

Debt - Senior Note Issuance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt instrument, face amount	$ 5,575
Debt	$ 5,740	$ 4,209
Senior Notes due 2028
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	Jan. 12, 2018
Debt instrument, face amount	$ 1,000
Debt instrument, interest rate, stated percentage	4.125%
Long-term Debt, Maturity Date	Jan. 12, 2028
Debt	$ 1,062	1,066
Senior Notes due 2030
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	Apr. 03, 2020
Debt instrument, face amount	$ 500
Debt instrument, interest rate, stated percentage	6.15%
Long-term Debt, Maturity Date	Apr. 03, 2030
Debt	$ 589	593
Senior Notes due 2031
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	Oct. 08, 2020
Debt instrument, face amount	$ 500
Debt instrument, interest rate, stated percentage	3.50%
Long-term Debt, Maturity Date	Jan. 15, 2031
Debt	$ 522	523
Senior Notes due 2033
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	Nov. 21, 2022
Debt instrument, face amount	$ 400
Debt instrument, interest rate, stated percentage	6.65%
Long-term Debt, Maturity Date	Feb. 01, 2033
Debt	$ 395	395
Senior Notes due 2051
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	May 25, 2021
Debt instrument, face amount	$ 500
Debt instrument, interest rate, stated percentage	3.95%
Long-term Debt, Maturity Date	May 25, 2051
Debt	$ 545	545
Senior Notes due 2034
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	Dec. 12, 2023
Debt instrument, face amount	$ 600
Debt instrument, interest rate, stated percentage	5.875%
Long-term Debt, Maturity Date	Jan. 15, 2034
Debt	$ 584	583
Senior Notes due 2052
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	Dec. 13, 2021
Debt instrument, face amount	$ 500
Debt instrument, interest rate, stated percentage	3.45%
Long-term Debt, Maturity Date	May 15, 2052
Debt	$ 504	504
Senior Notes due 2054
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	Mar. 22, 2024
Debt instrument, face amount	$ 1,000
Debt instrument, interest rate, stated percentage	6.25%
Long-term Debt, Maturity Date	Apr. 01, 2054
Debt	$ 982	0
Junior Subordinated Debt
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	Mar. 07, 2024
Debt instrument, face amount	$ 575
Debt instrument, interest rate, stated percentage	7.25%
Debt instrument, minimum principal after partial redemption	$ 25
Long-term Debt, Maturity Date	Mar. 30, 2064
Debt	$ 557	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	3 Months Ended
Debt - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 5,575
Senior Notes due 2054
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 1,000
Debt instrument, interest rate, stated percentage	6.25%
Debt instrument, redemption price, percentage (in percent)	100%
Senior Notes due 2054 \| US Treasury (UST) Interest Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.30%
Junior Subordinated Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 575
Debt instrument, interest rate, stated percentage	7.25%
Debt instrument, minimum principal after partial redemption	$ 25
Debt instrument, redemption price, percentage (in percent)	100%
Period the interest payments may be deferred (in years)	5 years
Redemption period	90 days
Junior Subordinated Debt \| US Treasury (UST) Interest Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.986%

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (5,569)	$ (7,321)
Other comprehensive income (loss) before reclassifications	11	1,562
Less: Reclassification adjustments for gains (losses) realized	65	56
Less: Income tax expense (benefit)	(4)	290
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax	(9)	(43)
Ending balance	(5,628)	(6,148)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax	188	(220)
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(289)	(334)
Ending balance	(404)	(467)
AOCI, Accumulated Gain (Loss), Debt Securities, with credit allowance, portion attributable to NCI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax	0	0
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Including Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	(545)	2,187
Less: Reclassification adjustments for gains (losses) realized	47	(31)
Less: Income tax expense (benefit)	(117)	312
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Including Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	(145)	(119)
Less: Reclassification adjustments for gains (losses) realized	0	0
Less: Income tax expense (benefit)	(30)	14
AOCI, Liability for Future Policy Benefit, Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	3,458	5,256
Ending balance	3,879	4,735
Remeasurement gains (losses) on market risk benefits related to credit risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	3	285
Ending balance	(17)	355
AOCI, Gain (Loss), Debt Securities, Available-for-Sale, without Allowance for Credit Loss, Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(8,672)	(12,565)
Ending balance	(8,959)	(10,879)
AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(82)	47
Ending balance	(129)	109
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	13	(10)
Ending balance	2	(1)
Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	(58)	191
Less: Reclassification adjustments for gains (losses) realized	18	87
Less: Income tax expense (benefit)	(16)	15
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	(16)	16
Less: Reclassification adjustments for gains (losses) realized	0	0
Less: Income tax expense (benefit)	(3)	4
AOCI, Derivative Qualifying as Hedge, Excluded Component, Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax	13	(27)
AOCI, Liability for Future Policy Benefit, Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax	(214)	208
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax	2	(1)
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: Other comprehensive income (loss) attributable to noncontrolling interests, net of tax	2	(3)
AOCI, Liability for Future Policy Benefit, Including portion attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	803	(802)
Less: Reclassification adjustments for gains (losses) realized	0	0
Less: Income tax expense (benefit)	168	(73)
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, Including
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	(28)	89
Less: Reclassification adjustments for gains (losses) realized	0	0
Less: Income tax expense (benefit)	$ (6)	$ 18

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 307	$ 163
Effective income tax rate (percent)	17%	12%

Related Parties - Summary of In

Related Parties - Summary of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Investment funds	$ 18,552	$ 17,668
Related Party
Related Party Transaction [Line Items]
Investment funds	1,626	1,632
Related Party \| Athora
Related Party Transaction [Line Items]
Investment funds	1,067	1,082
Equity Securities, FV-NI	244	249
Investments	$ 1,311	$ 1,331

Related Parties - Narrative (De

Related Parties - Narrative (Details)	3 Months Ended			9 Months Ended
Related Parties - Narrative (Details)	Mar. 31, 2024 USD ($) board_member	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jul. 01, 2023 USD ($)	Feb. 08, 2023 USD ($)
Related Party Transaction [Line Items]
Backbook Value	$ 103,400,000,000
Management Fee, Percent	0.0335
Number of board of directors that are employees of Apollo \| board_member	5
Number of board of directors \| board_member	11
Investment funds	$ 18,552,000,000	$ 17,668,000,000
Interest sensitive contract liabilities	220,234,000,000	204,670,000,000	$ 181,100,000,000
Available-for-sale securities	159,251,000,000	148,347,000,000
Other liabilities	4,396,000,000	2,781,000,000
Distributions to noncontrolling interests	(254,000,000)		(127,000,000)
Investment expenses	303,000,000		228,000,000
Provision for Loan, Lease, and Other Losses	10,000,000		66,000,000
Net future policy benefits	51,672,000,000	53,287,000,000	42,490,000,000
Contributions from noncontrolling interests	405,000,000
Reinsurance recoverable	5,183,000,000	4,154,000,000
Catalina
Related Party Transaction [Line Items]
Reinsurance recoverable	1,125,000,000
Noncontrolling interests
Related Party Transaction [Line Items]
Distributions to noncontrolling interests	(254,000,000)		(127,000,000)
Contributions from noncontrolling interests	405,000,000			$ 0
Related Party \| Management fees associated with investment funds
Related Party Transaction [Line Items]
Investment expenses	$ 289,000,000		222,000,000
Related Party \| Performance Fee Target \| Minimum
Related Party Transaction [Line Items]
Performance Fee Target Percent	0
Related Party \| Performance Fee Target \| Maximum
Related Party Transaction [Line Items]
Performance Fee Target Percent	2
Contingent Investment Fees
Related Party Transaction [Line Items]
Other liabilities	$ 218,000,000	213,000,000
Athora \| Related Party
Related Party Transaction [Line Items]
Day from receipt of notice of a cession	30 days
Athora \| Related Party \| Maximum
Related Party Transaction [Line Items]
Liabilities ceded (in percent)	0.50
Percentage of liabilities (in percent)	0.20
Percent of refusal to reinsure liabilities ceded from a third party (in percent)	0.20
Percent of fair market value of total assets of subsidiary (in percent)	0.03
Venerable
Related Party Transaction [Line Items]
Equity investment method	$ 184,000,000	181,000,000
Venerable \| Reinsurance agreement recapture
Related Party Transaction [Line Items]
Provision for Loan, Lease, and Other Losses		104,000,000
Net future policy benefits					$ 2,700,000,000
Other Nonrecurring Gain	555,000,000
Investments
Related Party Transaction [Line Items]
Investment commitment	$ 24,300,000,000
Private equity
Related Party Transaction [Line Items]
Management Fee, Percent	0.045
Related Party
Related Party Transaction [Line Items]
Investment commitment	$ 2,500,000,000					$ 3,300,000,000
Other investments	336,000,000	343,000,000
Investment funds	1,626,000,000	1,632,000,000
Interest sensitive contract liabilities	8,099,000,000	8,599,000,000
Available-for-sale securities	16,378,000,000	14,009,000,000
Other liabilities	1,750,000,000	774,000,000
Investment expenses	289,000,000		$ 222,000,000
Net future policy benefits	14,000,000	9,000,000
Reinsurance recoverable	1,125,000,000	0
Related Party \| Management fees associated with investment funds
Related Party Transaction [Line Items]
Other liabilities	115,000,000	101,000,000
Related Party \| MidCap affiliates
Related Party Transaction [Line Items]
Available-for-sale securities	1,868,000,000	1,844,000,000
Related Party \| Performance Fee Target
Related Party Transaction [Line Items]
Investment expenses	$ 37,500,000
Related Party \| Apollo \| Sub-allocated assets
Related Party Transaction [Line Items]
Base Management Fee	0.225%
Incremental Fee	0.15%
Related Party \| Apollo \| Sub-allocated assets \| Minimum
Related Party Transaction [Line Items]
Sub-allocation Fee	0.065%
Related Party \| Apollo \| Sub-allocated assets \| Maximum
Related Party Transaction [Line Items]
Sub-allocation Fee	0.70%
Related Party \| Athora
Related Party Transaction [Line Items]
Investment funds	$ 1,067,000,000	1,082,000,000
Equity Securities, FV-NI	244,000,000	249,000,000
Investments	$ 1,311,000,000	1,331,000,000
Related Party \| Venerable
Related Party Transaction [Line Items]
Investment Interest Rate	6.257%
Related Party \| Apollo Athene Strategic Partnership Advisors, LLC
Related Party Transaction [Line Items]
Investment funds	$ 1,753,000,000	1,725,000,000
Strategic Partnership Capacity	2,875,000,000
Related Party \| PK AirFinance
Related Party Transaction [Line Items]
Debt Securities	1,559,000,000	1,617,000,000
Related Party \| Catalina
Related Party Transaction [Line Items]
Other liabilities	263,000,000	330,000,000
Related Party \| Atlas
Related Party Transaction [Line Items]
Available-for-sale securities	2,985,000,000	1,008,000,000
Related Party \| Wheels
Related Party Transaction [Line Items]
Available-for-sale securities	980,000,000	981,000,000
Related Party \| Funding agreements \| Athora
Related Party Transaction [Line Items]
Interest sensitive contract liabilities	59,000,000	61,000,000
Related Party \| Investments \| Athora
Related Party Transaction [Line Items]
Investment commitment	523,000,000
Related Party \| Investments \| PK AirFinance
Related Party Transaction [Line Items]
Investment commitment	1,425,000,000
Related Party \| Investments \| Wheels
Related Party Transaction [Line Items]
Investment commitment	77,000,000
Related Party \| Private equity \| Venerable
Related Party Transaction [Line Items]
Other investments	336,000,000	343,000,000
Related Party \| Repurchase Agreements \| Atlas
Related Party Transaction [Line Items]
Investments	536,000,000	921,000,000
Parent Company \| Apollo Global Management , Inc.
Related Party Transaction [Line Items]
Maximum borrowing capacity	500,000,000
Long-Term Line of Credit	0	0
Parent Company \| Apollo Global Management , Inc. \| Revolving Credit Facility
Related Party Transaction [Line Items]
Revolving note receivable, borrowing capacity	500,000,000
Intercompany Note Receivable	$ 145,000,000	$ 109,000,000
ACRA
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	63.45%
Noncontrolling Interest, Ownership Percentage by Parent	36.55%
Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd.
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	60%
Athene Co-Invest Reinsurance Affiliate 2A Ltd.
Related Party Transaction [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	40%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Feb. 08, 2023
Other Commitments [Line Items]
Investment period (in years)	5 years
Advances from FHLB	$ 7,600	$ 6,500
Letters of Credit Outstanding, Amount	1,314
Interest sensitive contract liabilities	220,234	204,670	$ 181,100
Related Party
Other Commitments [Line Items]
Investment commitment	2,500			$ 3,300
Interest sensitive contract liabilities	8,099	8,599
Other Commitment, to be Paid, Year Three				400
Other Commitment, to be Paid, Year Five				$ 2,900
Investments
Other Commitments [Line Items]
Investment commitment	24,300
Secured Funding Agreements
Other Commitments [Line Items]
Interest sensitive contract liabilities	8,500	6,000
Athene Global Funding \| Funding agreements
Other Commitments [Line Items]
Maximum borrowing capacity	11,400
Interest sensitive contract liabilities	$ 23,200	$ 19,900

Commitments and Contingencies_2

Commitments and Contingencies - Pledged Assets and Funds in Trust (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
AFS securities	$ 40,467	$ 32,458
Debt Securities, Trading, Restricted	142	139
Equity securities	146	80
Restricted cash	1,575	1,761
Total restricted assets	59,721	49,643
Other Commitments [Line Items]
Investment funds	18,552	17,668
Derivative assets	7,159	5,298
Restricted cash	1,575	1,761
Asset Pledged as Collateral
Commitments and Contingencies Disclosure [Abstract]
Mortgage loans, net of allowances	16,482	14,257
Other Commitments [Line Items]
Mortgage loans, net of allowances	16,482	14,257
Investment funds	419	409
Derivative assets	83	73
Short-term Investments	45	153
Other investments	$ 362	$ 313